Moving Day Newsletter

1 week ago | susanpcrawford.substack.com | Susan Crawford

In the aftermath of the disastrous floods of 2023-24, FEMA is expected to provide over $200 million in capital assistance to Vermont's local governments. This won't be money for debris cleanup. These funds have been and will be used for concrete and stone, rebuilding storm drains and bridges. That $200+ million adds up, effectively, to "a generation of investment," Michael Gaughan, Executive Director of the Vermont Bond Bank, told me recently.

2 weeks ago | susanpcrawford.substack.com | Susan Crawford

Homeowners are sweating their assets in Florida, getting cash out in the form of home equity loans while the getting is good. They're hoping that the Great Repricing—prompted by higher insurance premiums, reduced buyer demand, and lower property values in vulnerable areas—doesn't become obvious to everyone involved too soon. Some may simply be hoping to keep current on their mortgages.

3 weeks ago | susanpcrawford.substack.com | Susan Crawford

Two studies out this week signal the short-term/long-term problem of coastal housing in our era: It will likely continue to be relatively easy to buy a new home in a climate-risky area—just get a mortgage from a nonbank lender—but people will soon discover that it is much harder to sell. One of these studies shows that non-traditional online lenders are more likely to approve loans in high-risk areas, the other that high-risk properties along the Atlantic and Gulf Coast will be losing value.

1 month ago | susanpcrawford.substack.com | Susan Crawford

Newport RI flood map, from the Rhode Island Floodplain Viewer. White area is current 500-year (.2 percent annual risk) flood zone; light blue is 100-year (1 percent annual risk) flood risk area; darker blue is combined storm surge and flooding 1 percent annual risk. Map does not incorporate projected risk due to accelerating climate change. Housing was a key issue in the 2024 election. We're short between 4 and 7 million homes, and affordable housing is a particularly thorny problem.

1 month ago | susanpcrawford.substack.com | Susan Crawford

We are living in a sliver of time in which long-term risks are climbing as short-term boosterism flares unconstrained. Yesterday, stock market investors shrugged off the idea that America might not be a great investment, seeing Moody's downgrade last week as a dip-buying opportunity: more than $4 billion flowed into US stocks by midday, setting an all-time record.