Opposition To Climate Risk Ratings For Real Estate Listings Exemplifies The "La La La La I Can't Hear You!!!" Era
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But climate risk assessments are not great if your current house has a bad score, and you’re trying to sell it. Under pressure from real estate groups, Zillow stopped including them. The climate risks, of course, haven’t gone away. Welcome to the “la, la, la, can’t hear you” climate era.
In many parts of the US, populations are still increasing in areas vulnerable to disasters such as floods, extreme heat, drought, and fires, while the federal government under President Donald Trump is removing references to climate change from government websites.
People, too, will cover their eyes when the climate reality threatens real estate prices. Clear Lake, Texas, for example, installed signs showing the potential high water mark from storm surge after Hurricane Ike in 2011, but when locals complained that the warnings were hurting sales, the signs were taken down. In 2012, North Carolina outlawed a forecast of sea level rise that showed that many more coastal properties were at risk of flooding over the next century, in favor of adopting a forecast that only looked 30 years ahead.
Yet, while sellers might want to overlook future risks, banks, insurance companies, and buyers don’t want to lose money on what is often their single-most expensive purchase. More costly disaster damages are also taking a bigger bite out of the $55 trillion US residential housing market as a whole. “I don’t think this is a good thing for anyone but Zillow — people need to know more about their risk, not less,” said Marc Ragin, a researcher studying disaster risk at the University of Georgia, in an email.
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https://www.vox.com/climate/471758/zillow-climate-risk-score-real-estate-wildfire-tahoe
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