In theory, local urban leadership on climate adaptation could significantly reduce the vulnerability of those who need the greatest protection. More people live in cities than ever, providing an opportunity to concentrate climate investments. In reality, most adaptation proposals try to protect existing development in coastal and low-lying urban areas in ways that perpetuate continued growth in these exposed areas. The fact is, there are winners and losers in urban climate adaptation projects, and it is the poorest and most marginalized who (as always) tend to lose.