Climate Change: Implications for Commercial Real Estate Clients (and Their Attorneys): Legal Update

Abstract

Climate change is real and negatively affecting commercial real estate identifies risks of climate change affecting real estate: water scarcity; rising temperatures prolonged droughts; sea level rise and flooding.

Adaptation, not mitigation of climate change, increasingly accepted as the proper focus when dealing with the negative aspects of climate change. Two examples introduce the complexities that adaptation to climate change presents tol the legal system in the US.

Borough of Harvey Cedars v. Karan, require a primer on eminent domain and takings law under 5th Amendment to the US Constitution. National Flood Insurance Program -- changes since initial version in 1968.

Keywords: Borough of Harvey Cedars v. Karan; 214 N.J. 384 (2103); New Jersey; eminent domain; takings; just compensation; National Flood Insurance Program; NFIP; Biggerts-Waters Flood Insurance Reform Act of 2012; Homeowner Flood Insurance Affordability Act of 2014