CNBC's Ana Teresa Solá is reporing on 18 milion rental units being at risk from climate change.
A Harvard University study reveals that over 18 million rental units in the U.S. are at risk due to climate and weather-related hazards, as extreme weather events become more frequent and severe. In 2023, the U.S. saw a record 28 weather and climate disasters, causing $92.9 billion in damages. This vulnerability is exacerbated by the rental housing stock being the oldest it's ever been, ill-equipped to handle the increasing environmental hazards. The study indicates that a significant portion of rental units, especially manufactured housing, are in high-risk areas. Renters, particularly those in low-rent or subsidized units, often lack the financial means to move away from these risks, compounding their vulnerability. Additionally, most disaster assistance funds are allocated to homeowners, leaving renters and rental property owners with fewer resources for recovery. Upgrades and investments in housing resilience are needed to mitigate these risks, alongside renter’s insurance to protect personal property, as landlord insurance typically does not cover renters' possessions.
Source: CNBC
https://www.cnbc.com/2024/02/07/over-18-million-rental-units-are-at-risk-from-environmental-hazards-study.html
(This article was written with assitance from ChatGPT)
