4 ms·
A $1T Time Bomb Is Ticking in the Housing Market
- secretsatan 2y agoCosts successfully socialised
- oceanplexian 2y agoThey are underinsured but it’s because we are building homes in places they don’t belong, that historically have been wiped out by natural disaster such as wildfire. Climate crisis or not, you don’t have to do a lot of digging to read the stories of entire Gold-rush era towns being wiped off the map by fires.
- secretsatan 2y agoInsurers would be well aware of historic risks
- secretsatan 2y agoI’ll temper that by saying, without quoting anything, that the insurance industry has long been aware of the climate crisis and it’s implications. Over the decades, i’ve read much on how it’s dealing with serious customers.
- willidiots 2y agoNYC flooded massively during Hurricane Sandy. Most of the gulf coast experiences the same annually. Now more of the eastern US will suffer the same fate as climate change accelerates. The rural western US has always been affected by wildfire, but rarely by the type of hyper-fires we've seen in the past decade, again due to accelerating climate change. Where do homes "belong"? Chicago? Edit – here's a NOAA map of $1B climate-related disasters in 2023: https://coast.noaa.gov/data/nationalfacts/img/fast-fact-weather-climate-disasters.png https://coast.noaa.gov/data/nationalfacts/img/fast-fact-weat...
- whatever1 2y agoBuild higher foundations, use better materials. There, problem solved.
- willidiots 2y agoOh totally agree - we live in wildfire country and are in the process of replacing our entire house, effectively, with concrete, metal and other fireproof materials. We have to stop using wood in these places.
- cbanek 2y agoHappy to live in Arizona for the lack of natural disasters, it's just a bit hotter.
- BoiledCabbage 2y agoIsn't your entire state running out of water?
- cbanek 2y agoOnly from farming things that honestly shouldn't be grown here. There's actually plenty for people to use / drink, which is a LOT lower than farming uses. From the Arizona Department of Water: Irrigated agriculture is the largest user of water in Arizona, consuming about 74 percent of the available water supply. In the past, this percentage was as high as 90 percent; reductions have been the result of both urbanization of agricultural lands and heavy investment by the irrigated agriculture industry in conservation measures both on-farm and in delivery systems. https://www.azwater.gov/conservation/agriculture https://www.azwater.gov/conservation/agriculture
- jschveibinz 2y agoIt's probably more like 1000 x $1 billion ticking time bombs spread out over time, but that makes for a more confusing headline.
- smarm52 2y ago> sometimes the disaster comes when you’re not ready. Pretty sure that's the definition of "disaster".
- addicted 2y agoThat’s very much not the definition of a disaster. You can have disasters that you’re fully ready for as well. A disaster is just a bad thing happening. The bad thing doesn’t have to happen unexpectedly.
- ganeshkrishnan 2y ago>DeltaTerra Capital, a research firm he founded to warn investors about the next housing crisis. This one will be caused by climate change >DeltaTerra Capital is an investment research and consulting firm serving institutional clients that seek to mitigate climate risk exposure A hedge fund that sells climate risk solutions warns of climate change risk problems. The internet nowadays is just ads, ads pretending to be news, propaganda, seo landfill and staged social media videos. I am glad I got to enjoy the early 2000's geocities/myspace genuine human connections internet.
- sublinear 2y ago> Millions of US homes are underinsured because their premiums don’t reflect the risk of climate-fueled catastrophes. Saved you a click