3 ms·
Curiously missing: "inflation-adjusted"
by quercusa 3y ago
Curiously missing: "inflation-adjusted"
- FfejL 3y agoThe article REALLY ought to say so, but the underlying data is CPI adjusted. https://www.ncei.noaa.gov/access/billions/ https://www.ncei.noaa.gov/access/billions/
- chasebank 3y agoAs weather disasters dollar figures are directly correlated with housing, CPI isn't even close to a proper adjustment. CPI says the house my mom bought in 1994 for $114,000 should be $239,000 today. It's worth about $1.2M...
- micromacrofoot 3y agoThe value of that house has actually increased though as well as the cost of rebuilding it, even after adjusting for inflation.
- woodruffw 3y agoNo inflation metric is going to be perfect here, but CPI seems not unreasonable to me: disaster cost factor includes rebuilding costs, i.e. materials and labor pricing, not speculative real estate value. In other words: the "real" cost is probably somewhere between the CPI-adjusted figure and the inflation-adjusted real estate speculative gains. But either way, the trendline is the same.
- sparky_z 3y agoThat's dominated by the scarcity value of the land, not the value of the labor required to repair or replace the building on it. The "inflation" we should worry about here is contractor salaries and the cost of building materials. CPI seems fair to me.
- mensetmanusman 3y agolabor increases for houses when the value goes up like this...
- sparky_z 3y agoNot by 1000%.
- kraig911 3y agoHaha I was thinking the same thing. I feel though using dollars as a way to express both devastation and prosperity in cash amounts is disingenuous.
- dfgfek 3y ago>Yale Environment 360 Published at the Yale School of the Environment No, not "curiously". More like "maliciously"