A UC Riverside study has found that as land in California’s Central Valley sinks due to excessive groundwater pumping, so do local housing values.
The research found that homes in subsiding—or gradually sinking—areas lost between 2.4% and 5.8% of their sale value. In dollar terms, that translates to losses between $6,689 and $16,165 per home.
These costs totaled $1.87 billion in aggregate housing value lost across the Central Valley due to subsidence, the study estimated…