Spiking insurance costs in coastal areas prone to climate disasters are making it harder for low-income housing developers to keep building.
Extreme weather driven by climate change is making it increasingly difficult to build affordable housing, reports Kelly Kenoyer in a piece for WHQR. This is largely because insurance companies are hiking premiums or refusing to cover regions prone to natural disasters.
According to one North Carolina affordable housing developer, premiums have gone up by as much as 70 percent. “Coastal North Carolina is a major retirement hub: The two fastest growing counties in the state, Pender and Brunswick, are next door to New Hanover County, and much of that growth is from retirees. Many of those moving have higher incomes than local residents, which helps drive up market-rate rents: and pushes some locals out of their homes, unless they can find subsidized apartments.”
As Kenoyer explains, “That chilling effect hits tax credit developers more than for-profit developers. After all: market rate developers can just increase rents to cover the rising tides of insurance.” Meanwhile, retirees from around the United States continue to move to disaster-prone areas, keeping demand for housing in coastal areas high.
The article notes that the federal government could ease the burden on affordable housing developers by standardizing requirements for the various housing programs used by low-income housing builders and incentivizing building climate-resilient properties.
FULL STORY: Climate-driven insurance hikes are making affordable housing even harder to build
Auto Insurance Rates Spike Due to Extreme Weather
Car insurance costs around the country are going up as insurers receive more claims from areas struck by storms and other climate disasters.
Will Hurricanes Drive Away Florida’s Retirees?
Some children of Florida retirees are urging their parents to leave hurricane-prone areas for safer regions.
Love Letter to Asheville
A River Arts District resident and urbanist reflects on her experience in the former “climate haven” in the aftermath of Hurricane Helene.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
Central Florida’s SunRail Plans Major Expansion
The expanded train line will connect more destinations to the international airport and other important destinations.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
Santa Monica Lowers Speed Limits
Posted speed limits will be reduced by 5 miles per hour on dozens of the city’s streets.
For Some, Co-Housing Offers Social and Economic Benefits
Residents of co-living developments say the built-in community helps ease the growing isolation felt by many Americans.
New Map Puts Bay Area Traffic Data in One Place
The Traffic Monitoring site uses community-collected speed and volume data to reveal traffic patterns on local roads.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Heyer Gruel & Associates PA
Caltrans
Los Alamos County
American Planning Association, Sustainable Communities Division
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport
Rockdale County Board of Commissioners