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Homeownership is a long-term investment, with the typical mortgage lasting between 15 and 30 years; however, most home buyers don’t consider the potential impact of climate change on their most important investment. The reality is climate change could have a serious impact on how the real estate industry approaches property values and assesses risk.
New studies find cities most vulnerable to climate change disasters—heat waves, flooding, rising seas, drought—are the least prepared. This month the cities of Austin and Seattle passed ordinances to tackle the already-here disaster of climate change. In Seattle, the city council passed a resolution to endorse adopting its own local version of the federal Green New Deal proposal, requiring the city to drastically reduce its greenhouse gas emissions while increasing affordability for low-income families.