20% of the homes sold in NYC in 2023 are likely to flood within the period of a 30-year mortgage. Of course, these tend to be more affordable homes bought by low-income buyers. Climate change’s impact on housing security is going to be staggering. www.nytimes.com/2024/09/14/n...
New Yorkers are spending billions on houses in flood-prone areas despite growing awareness of the effects of climate change.
Climate chaos impact on housing security is *already* epic. (Yes. Off-the-charts staggering is on the way.) One of many reasons we need new and better ways of building sustainably and wisely!
One of the reasons I was so pumped to move to Minneapolis is it’s (relative) climate resilience. Taking out a mortgage in a place highly vulnerable to floods, droughts, & fires would stress me out too much. I’m curious if/when people who don’t study climate change for a living will do the same.
Shocking that people need to take such risks and also that the law allows it !
One more reason why we need to both massively reform land use laws to allow building much more housing in safer areas and bring back the working class mortgage access we used to have pre 2007.