Yep, we now have new "ugly baby" from two nasty parents: "climate change" and "gentrification."
What is it?
The displacement of often non-white communities of lower socioeconomic status by new real estate (re)developments that cater to higher income populations and that capitalize on more climate-resilient locations (e.g., city neighborhoods at elevations higher above sea level).
As an article from MIT Sloan put it: "Prices in environmentally safe but historically affordable areas are skyrocketing — displacing vulnerable residents."
So, which cities are most at risk of climate change impacts, and potentially climate gentrification, if policy, finance, community, and business leaders don't get ahead of this problem?
Via Climate Central, here's a list of the US coastal cities most at risk from sea level rise. Hint: If you're in Florida, beware. Also, New York and Charleston make this dubious ranking, too.
To understand climate gentrification in its various forms, below is a graphic from a 2018 study from Harvard University.
As Entrepreneurs for Impact, what might do we do with this information?
Consider business solutions to climate gentrification (e.g., risk transfer mechanisms, cost sharing structures, investment opportunities)
Locate your infrastructure in climate resilient locations (for more on the $1 trillion in climate risk facing the world's biggest companies, check out this CDP summary)