Casten Questions Gensler on Financial Risks Posed by Climate Change to US Housing Market
Casten Questions Gensler on Financial Risks Posed by Climate Change to US Housing Market
Washington, D.C. — Today, U.S. Congressman Sean Casten (IL-06) questioned SEC Chairman Gary Gensler during a House Financial Services Committee hearing about the financial risk posed by climate change to the United States housing market.
“There was a report from Nature Climate Change recently that said that real estate in the United States is estimated to be overvalued by $121 to $237 billion due to unpriced flood risk driven by climate change, with low income households facing the greatest risk of losing home equity,” said Rep. Sean Casten. “...NOAA has said they expect 2 feet of additional sea level rise on the Gulf Coast by 2050. If you buy a home in Pensacola today, it will be underwater before the mortgage is paid off.”
You can watch Rep. Casten’s full committee questioning by clicking here or on the image below:
