United States taxpayers are on the edge of bankruptcy with loss of safety due to an increase in change of climate. “There may be a threat to the availability of the 30-year mortgage in various vulnerable and highly exposed areas,” Berman wrote in the San Francisco Fed report.
High Residential home values almost dropped
With higher values for buildings, the market rate was just above the collection. The increase in climate change has made the lifestyle of the residents into a disastrous living. This is with the sudden flash floods, water scarcity, and earthquakes that acted as a massive break to the finances of the government.
Lower tax collections on lower-valued homes
An increase in the water level and the risk of chronic floods is reflected in property values. Thus, the homeowners had to face the risk of price drops on their property. In Louisiana islands, property prices were dropped abruptly with the increasing water level, and the residents are living a riskful life currently.
Debt caused by climate change on U.S cities
Currently, the US owes $3.8 trillion due to the extreme weather events and loss of property of worth. The following picture shows the loss caused by climate change
Disasters like Hurricane Maria lead to population drain and kill the property values and make the city go debt. Thereby, taxes won’t help in raising the funds and they won’t be enough to deal with the damages caused by Natural Disasters.
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Source: CBS News