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This is partially why I think the risk of homeownership is largely being understated. You may have entire communities that become uninsurable even long before
by tempsy 4y ago
This is partially why I think the risk of homeownership is largely being understated.
You may have entire communities that become uninsurable even long before an actual natural disaster occurs, and it becomes very difficult to cash out refinance or sell.
- bsenftner 4y agoNow imagine the economic hit when all the trillions of CA real estate investments drop like it is 1929? That may as well be an asteroid hitting the global financial world.
- wollsmoth 4y agoI think it's already happening in New Orleans. At least that was the impression I got when visiting. I think it can be difficult to insure a business or home affordably in the area. Seemed like a lot of storefronts were just empty. Perhaps I just went at a bad time of year (late nov).
- rr888 4y ago> Seemed like a lot of storefronts were just empty. This is just normal everywhere in 2022 :)
- wollsmoth 4y agolol, true!
- jriot 4y agoWhat year did you go? If it was last year then New Orleans was still recovering from Ida.
- wollsmoth 4y agoYeah it was. I wonder if I went back now if it'd be in full swing.
- julienb_sea 4y agoIn a sense this is the market answer to the problem of incentivizing people to live in less risky areas. This is going to become increasingly important around the world, as assuming sea level rise there are many low-lying areas that will have increasingly untenable risk of flooding.