Private Benefits from Public Investment in Climate Adaptation and Resilience

Data are provided by Zillow through the Zillow Transaction and Assessment Dataset (ZTRAX) and the First Street Foundation. The results and opinions are those of the authors and do not reflect the positions of Zillow Group or the First Street Foundation. Eleanor Estreich provided excellent research assistance. We thank Spencer Banzhaf, Judd Boomhower (discussant), Tamma Carleton, Peter Christensen (discussant), Tim Dobermann (discussant), Michael Greenstone, Miyuki Hino (discussant), Sol Hsiang, Yanjun (Penny) Liao, Lala Ma, Mar Reguant, Ken Troske, and Joakim Weill as well as participants at the MIT Climate and Real Estate Symposium, CEPR Climate Change and the Environment Programme Conference, San Francisco Fed, University of Chicago, 2023 NBER Summer Institute, UC San Diego, Stanford, University of Kentucky, US Department of the Treasury, 2023 AEA Annual Meeting, Salata Climate Research Workshop, the Workshop in Environmental Economics and Data Science, 2022 Northeast Workshop on Energy Policy and Environmental Economics, and 2022 AERE Summer Conference for valuable comments and discussion. The authors are responsible for all remaining errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.