Intensifying hurricanes, floods, and heat waves are wreaking havoc across the country—and on all of our bank accounts.
  • Spongebobsquarejuche [none/use name]
    ·
    9 days ago

    In California fire insurance when from $100 a month to $800 so it really bad for normal ppl. And the state just lets it happen.

    • ☆ Yσɠƚԋσʂ ☆@lemmygrad.ml
      ·
      9 days ago

      This could lead to a 2008 style market crash at some point. The cost of owning a house keeps creeping up, and people might not be able to afford their houses. However, high rates make housing unaffordable, so people can't sell their houses either.

      • freagle@lemmygrad.ml
        ·
        9 days ago

        They can sell to portfolio companies who will aggregate them and turn the into company towns for gig workers

          • freagle@lemmygrad.ml
            ·
            9 days ago

            I am fairly certain it's already happening just at very small scale and under the journalistic radar

            • invalidusernamelol [he/him]
              ·
              8 days ago

              What's happening is Amazon comes in and builds a warehouse or data center, then Black Rock comes in and buys up the homes around there area, then sells those homes off to developers who build "luxury apartments" near the data center. Bonus points if the owner of the developer is also contacting with Amazon.

              This means they charge 80% of the wage earned at the warehouse for the apartments and can keep rent in lockstep with wages meaning a wage increase is just a shifting of funds from the warehouse profits to the landlord profits.

      • Dingus_Khan [he/him, comrade/them]
        ·
        9 days ago

        Also if that is happening in enough places I bet insurance companies will jack up rates everywhere just because they can