Newsbites
See wholefoodliving.life/references-autumn-2023 to review references cited below
Climate housing bubble is expected to pose big trouble in coming years
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climate housing bubble threatens to erode real estate prices in much of the US in coming years, posing particular challenges for low-income residents, a new study has found. A similar situation is expected to occur in both Australia and New Zealand, although detailed analysis has yet to be released. With more severe and frequent extreme weather events, the resilience of homeowners and communities is on the line. How lenders, insurance companies and others incorporate escalating flood risks into property prices is a key question facing at-risk areas. The study, published in Nature Climate Change, finds that US property prices are currently overvalued by between $121 billion and $237 billion, when compared to their actual flood risk. The current prices mask the true danger that these properties are exposed to, because of factors such as outdated FEMA flood maps, incentives in the National Flood Insurance Program and home buyers who lack climate change information. The paper is the result of a collaboration between experts at the Environmental Defense Fund, First Street Foundation, Resources for the Future, the Federal Reserve and two universities. Scientists relied on First Street’s updated modelling that simulates rainfall-induced or pluvial flooding, as well as coastal flood events. The authors found that right now, 14.6 million properties face at least a 1% annual probability of flooding, putting them in the so-called 100-year flood zone.
However, this is expected to increase by 11% in a mid-range emissions scenario, with average annual losses spiking by at least 26% by 2050. In dollar terms, the areas with the greatest property overvaluations are along the coasts, where there is overlap between rising seas, fewer flood disclosure laws, and a high number of residents who may not view climate change as a near-term threat. Much of the overvaluation comes from vulnerable properties located outside of FEMA's 100-year flood zone. Once the higher flood risks become evident, homeowners will lose equity in their property - a particular threat to lowerincome homeowners. The pattern of the total overvaluation of at-risk properties in the lower 48 states reveals hot spots of risk. Specifically, coastal areas show high amounts of overvaluation. Spikes also show up in West Virginia and other parts of Appalachia. In Texas, it is clear that the biggest cities, including Houston and Dallas, have a significant amount of overvaluation. Florida tops the list, accounting for about $50.2 billion based on the actual threat, the study found. "There is a significant amount of 'unknown' flood risk across the country based solely on the differences in the publicly available federal flood maps and the reality of actual flood risk," Jeremy Porter, head of climate implications at First Street Foundation, said in a statement.
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PCRM programme now fields over 300 instructors
he Physicians Committee’s Food for Life programme made a big impact in global communities last year. The organisation's Changing Lives: Food for Life 2022 Community Impact Report showcases its more than 300 instructors who taught a record number of classes, reaching more participants and more diverse groups than ever before. The Food for Life classes are brought to life in person and online by a team of individual instructors and institutional partners who are committed to saving lives with plant-based nutrition. Food for Life offers 15 courses on various health topics. Its classes provide: • Science-based information on how certain foods and nutrients work to promote or discourage disease. • Cooking demonstrations and sampling of delicious meals. • Practical cooking skills and tips for making healthful eating habits part of daily life. • A supportive and motivational atmosphere. The Physicians Committee is a US national nonprofit organisation based in Washington, D.C. Since 1985: they have been advancing healthcare through preventive medicine, especially good nutrition, and the implementation of clinical research. The Committee’s membership includes more than 17,000 physicians and 175,000 other health care professionals and concerned citizens who are dedicated to creating a healthier, more compassionate future.
wholefoodliving.life | Autumn 2023
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