Risk to the housing market from underestimated climate change echoes lessons from the 2008 subprime-mortgage debacle — as does the chance to capitalize on these miscalculations.
Burt was a consultant at Cornwall Capital, the firm that made about $80 million when it shorted the subprime mortgage market whose eventual implosion left the housing market in a shambles and lured well-positioned investors to pick through the bones. Cornwall was profiled in the Lewis narrative and one of Burt’s colleagues was played by Brad Pitt in the movie adaptation.
The problem, other climate-change experts allege, starts with government flood maps that under-report risk and continues through the complex multilayer housing, lending and insurance market where risks are diluted, or at least, mispriced. Read: The number of people at risk from climate-triggered floods has tripled — here’s the surprising reason why
Source: News Formal (newsformal.com)
RachelKBeals I’m a bit confused. I believe the economy has not gotten better the past 12 years and housing I don’t know how is in an even bigger bubble especially condos, apartment buildings by the thousands have been built in NY
The homeless will bring down the market. I’m five years no one will be able to afford a house!!
Nah, only in CA and NY.
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