Senator Whitehouse highlights the severe impact of climate change on the real estate market, emphasizing rising insurance costs, potential property value declines, and the urgent need for Congressional action to address these crises stemming from climate denial and misinformation.
Climate change is increasingly affecting the real estate market, which is the largest asset class in America. For the first time, some regions are experiencing insurers completely withdrawing coverage while rates rise, making homeownership less attainable. Senator Sheldon Whitehouse has consistently advocated for climate awareness, delivering over 290 speeches urging action and highlighting the consequences of governmental neglect on climate-related issues.
The article emphasizes that climate change poses serious threats to the financial system and real estate sector, urging Congress to take decisive action. It reveals alarming models predicting significant declines in property values and insurance stability due to climate events. The need for proactive measures against climate denialism and misinformation is critical to safeguarding the American economy and the dream of homeownership.
Original Source: www.counterpunch.org
