Posted on 04/10/2023 5:09:42 AM PDT by Oldeconomybuyer
Homes constructed in flood plains, storm surge zones, regions with declining water availability, and the wildfire-prone West are overvalued by hundreds of billions of dollars, recent studies suggest, creating a housing bubble that puts the U.S. financial system at risk.
The problem will get worse as sea level rises and storms dump heavier rains and if unwise building practices continue. But increased awareness of climate risks, more realistic flood insurance pricing, and reform of government disaster policy could reduce this overvaluation — and the risk of an economically disastrous bubble burst.
Property overvaluation is particularly widespread among low-income households, which tend to be located in high-risk flood areas where land is cheaper. Poorer neighborhoods also receive fewer government dollars for flood protection infrastructure compared to wealthier neighborhoods, causing disproportionately high flood losses. If a crash in real estate values occurs, the U.S. wealth gap is likely to widen, because many households’ most valuable asset is their home.
Six actions that could help with the climate change real-estate bubble:
1) Require sellers to fully disclose flood risks when selling a property.
2) Increase climate change awareness.
3) Charge market-based insurance rates.
4) Reduce federal subsidies to live in risky places.
5) Revamp FEMA and create a National Disaster Safety Board.
6) Implement a fair and properly funded managed retreat policy.
(Excerpt) Read more at yaleclimateconnections.org ...
2) Increase climate change awareness.
Because 24/7 coverage, and fifty thousand articles and studies per day just isn’t enough to make people realize that just because it looks like a beautiful day again, it really isn’t. The climate fraudsters need to convince people to stay inside so they won’t notice how nice it is about 99 percent of the time. And they can watch on TV from inside that if you put on a scuba tank and dive in a reef 9,000 miles away there is coral which is not the right color.
Climate Change. Is there anything it can’t do?
“Multifamily sales in the first quarter of 2023 were roughly $40 billion lower than the previous year, according to a new report, marking a slowdown in one of the hottest real estate markets amid growing interest rates and banking turmoil.”
Climate change indeed!
Several years ago, we caught Wunderground using hinky temperature monitors. They were set out in the sun, on black asphalt, to increase the local temp. Called them on it. They turned them off.
***The problem will get worse as sea level rises***
Get a copy of the old movie THAT MAN FROM RIO(1964). There is a great view of the beaches at Rio.
Then go to the web cams of those same beaches today. Other than the usual tidal fluctuations there has been no change.
And if Obama is not worried, as his house sets between 10 feet and 3 feet above the ocean depending on the tide, why should we be worried!
bkmk
” and the wildfire-prone West”
The rain DRENCHED West.
” and the wildfire-prone West”
The rain DRENCHED West.
The snow covered West.
(Some places 300% of annual snowpack, most others 200%)
In other news…climate change is responsible for transgenderism.
The seas are rising?
Our first indicator would be the Obamas fleeing their Vineyard mansion.
Climate change has also increased the number of “toe jam” cases.
Sea levels are RISING right now? Where, please climate morons.
IF ALL of both ice caps fully melted the sea levels would ot rise more than 2 “ everywhere in the world. So where are the sea levels rising right now? Venice?
You forgot the Barf Alert.
A +
5 Gold Stars
They always throw in something about rising sea levels yet that would be the first thing people would notice if it were actually happening. There is only the slightest of differences between current sea levels and any known historical sea levels.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.