Propublica link to the same article
No offense to op but I think they deserve the clicks more than NYT
Climate Change? Not the concentration of real estate into the hands of the few who no longer make profit from owning it?
K.
Edit: let me add more to this; if it wasn’t climate change, it would be something else. It’s a bubble. If you aren’t aware of this you’re either quite literally living under a rock, or don’t know how graphs work. Housing prices have simply gone up while wages continue to stagnate and housing supply has been artificially reduced.
Don’t, and will never, own a home due to greedy landlords.
Don’t care.
This will still impact you and in ways that will be immediately apparent. The loss of houses means that those former home owners will have to find new property to purchase - only to see the same astronomical price tag you see. So they become renters. That sudden impact on the demand for places to live will find apartments and landlords can now find many more people, some very desperate with a lump sum of a settlement or insurance payout (but not enough to buy another home), that will pay much more than you can. And they don’t budget well, which is why they lived in a poor state that flooded so much insurance companies got scared, so they spend way too much without consideration for how long they can afford rent at such high prices.
But hey, you are right about greedy landlords.
At first, I was like, “Who cares? Land property ownership as an investment vehicle is part of the problem in the US,” but then I realized that this article isn’t for people like me. This is an article meant to reach the Gen Xers, the Boomers, and others who think they don’t have to care, because their property will keep them wealthy enough to avoid the worst Climate Change has to offer.
And if threatening people’s wallets is what it takes to get people to see the inescapable danger in doing nothing, then I’m all for it.
This will affect renters too if you were implying otherwise. It’s just NYT doesn’t cater to those people so they’re barely mentioned.
If we ignore the problem long enough, surely it’ll go away, right?
luckily all the value increase of the last decades has just been false really. Its not losing value as much as returning to its actual value.
