A Climate Crisis “Worse” Than the 1970’s?
Updated: Sep 12
“A lot of real estate is going to be stranded because of global climate change,” the economist Nouriel Roubini — better known as “Dr. Doom” for correctly diagnosing the Global Financial Crisis — told Bloomberg News' Odd Lots podcast last week. “People have stupidly moved from New York to Miami and from San Francisco to Austin,” he continued. “But Florida’s going to be flooded and Texas is going to be too hot to survive there. So there’ll have to be a massive migration from south and the coastline towards the only part of the US that is going to survive climate change. It’s the Midwest into essentially Canada. So there’ll be trillions of dollars of real estate assets that are going to be damaged by essentially global climate change.” Climate Alpha is proud to partner with Dr. Roubini’s firm Atlas Capital to create the first-of-its-kind Sustainable REIT Index™ offering risk-adjusted valuation for 200,000 REIT properties under multiple climate scenarios, ranking and clustering funds according to location, property type, and other metrics, with regular updates based on the latest market data “Literally there are maps that show that half of the US in the next 20 years are going to be either underwater on the coastlines or too hot or droughts or wildfires, to be living in it,” Roubini told Odd Lots.