It absolutely does directly affect renters, maybe they could have explained why, but it’s relatively obvious: Renters need to pay for owners mortgage interest, insurance and property taxes for owner to be in landlord business. His profits are the expected annual positive home appreciation.
Average premiums have risen 31 percent across the country since 2019, and are steeper in high-risk climate zones. Over the next 30 years, if insurance prices are unhindered, they will, on average, leap another 29 percent,
More likely, over next 6 years will match increase since 2019. Taxpayer subsidies of insurance doesn’t count. Neither does Florida type “deregulation” which makes it easier for insurance to avoid paying claims.
Other quote from article is that insurance is now 20% of a mortgage payment. A 30 year amortization at 5.31% means total interest payments equal to loan. Current interest rates are about 2% higher than this. But historical home appreciation is 3%, and when mortgage rates are above 3%, then you fundamentally expect to lose money except for the distortions of taxes on interest payments vs rent. Rent avoidance + interest tax credits can still make ownership attractive, but at least balanced long term vs rent alternatives.
That 20% of mortgage payment though is equivalent to 1.33% on full home value. Up from 0.5%. OP is projecting it will rise in some parts of the country to over 5% of value. Which is about right for what used to be 500 year events happening less than every 10 years. Insurance could go up much quicker and to higher levels since global warming means even worse than current disaster levels.
But the expectation of historical 3% annual home appreciation, goes straight to 1.5% depreciation expectations when insurance goes from 0.5% to 5% of value. Construction cost inflation is also insurance (because of “value” and replacement cost) inflation. Home prices are currently overvalued due to high interest rates making people not being able to afford trading up in homes due to high mortgage costs, and so not selling their home, limiting supply. Very low new construction levels due to same effect. One effect of mass deportations is lower home values due to fewer tenants, while also keeping interest rates high due to less cheap labour availabe, inflation. Tariffs/war on Canada means vast Canadian 2nd homes in US up for sale.
Housing depreciation will cause banking collapses and recessions, leading to more housing depreciation. Bankster bailouts (banks are the important people) reduce US financial credibility even more, and even higher interest rates to depreciate home values more with more bank bailouts.
Steer said last month on Cleaning Up, a podcast about the energy transition, that the fund had paid out $2.5bn so far, in part to help professionalise climate bodies.
Climate action is more about installing solar/renewables rather than getting “climate bodies” to pat you on the back. It’s not necessarily bad news if Earth Fund spends on renewables instead of climate bodies/SBTI. It sounds as though SBTI had correct reservations about “carbon credits” approach to action and weren’t patting enough backs as quid pro quo for funding, which is also good.
earth’s surface has now been so warm for so much of the past two years that scientists are examining whether something else in the planet’s chemistry might have changed, something that is boosting temperatures beyond what carbon emissions alone can explain.
The theory I prefer is that temperatures take a “step up” reaction to Elnino. Every year since 2014 are the warmest years on record (since 18th century invention of cheap thermometers, and 1860s commonality of thermometers). 2015 super elnino made 2016 the warmest until 2023 elnino. Every month since may 2023 has top 2 hottest as 2023 and 2024, or now 2024 and 2025.
Global temperatures lag CO2 atmospheric concentrations, but once they step up, there are feedbacks to keep them there. Ocean temperatures are stickier than air temperatures. El nino heating them up, with reduced impact on Atlantic hurricanes (create a cooling effect) means Atlantic heats up even though 2023 was a record hurricane season for elnino. Extreme Atlantic 2023 heat records which included heat shifting up to Northern Atlantic and Arctic. 2024 Arctic summer was not that hot, but Arctic ocean temperatures stayed high, and due to warm 2023 fall Arctic ocean, there was a record low volume throughout winter season, and without excessive Arctic warmth, a record low volume at Summer peak. Ultra Extreme low volume record this winter, mostly due to last early spring keeping water hot longer through summer and fall. Hudson Bay will thaw early again this spring, and just a couple of extra weeks of sunshine this spring, means snowballing to less snowballs next winter.
There is much speculation about the breakdown of AMOC potential to significantly cool Northern Europe. But 31C tropical Atlantic, 2C warmer than “normal” just makes the waters north of tropics 2C warmer than usual no matter how slow the current flows are. Very hot Northern Atlantic ocean conditions in last 2 years means very hot European winters. Mediterranean too has been hitting massive summer records, that keep the region warmer in winter, and simultaneously don’t cool the Mediterranean as much by spring.
Even less variable than ocean surface temperatures is the top 100m of ocean temperatures. These have set records every year since co2 hit 370ppm in 1980. These temperatures stabilize surface temperatures, and slow how fast they cool in winter, and how resilient ocean is to cooling from hurricanes. Every year since 2015 has had at least 1 155mph+ (2mph below cat 5) hurricane, and $10B+ damages. Every year since 2016, 2+ cat 4 hurricanes. Previously these streak records were 3 years, and the average time between 155mph hurricanes was 5 years. 14 since 2015 is about 1 every 8 months. 12 since 2017.
I preferred the 100% tariffs on Tesla, as a specific target of Trump team. Equinox is a good alternative, and you want GM to keep Canadian operations, and possibly production through tariff times.
Rule. Clickbait or meaningful?
Not sure if you typed correctly. Owning a home is an escape from greedy landlords. Maybe you are saying you will always be poor due to greedy landlords?