New Resolution Declares Climate Change a Major Threat to $1.5 Trillion in U.S. Home Values

This resolution isn't creating new laws or mandates; it’s essentially Congress putting a massive, official red flag on the economic risks posed by climate change, specifically to the housing market. It’s a formal acknowledgment of findings that quantify how much money is already being lost and what’s at stake in the near future. The core message is clear: climate change is no longer just an environmental problem—it’s a financial one that could trigger the next major recession.

The Price Tag on Coastal Risk

If you own property near the coast, this resolution spells out some painful realities. It declares that sea-level rise has already cost Florida, the Carolinas, Virginia, and Georgia a collective $7.4 billion in home value between 2005 and 2017. That’s real money disappearing from people’s retirement funds and equity. Looking ahead, the resolution cites data suggesting that over the next 30 years, chronic, disruptive flooding will threaten over 300,000 U.S. homes and commercial properties, representing $136 billion in cumulative value. This isn't just about the occasional flood; it’s about areas becoming permanently uninsurable or unlivable.

The Insurance and Mortgage Time Bomb

The resolution connects climate risk directly to the financial stability of everyday Americans. It highlights the projection that U.S. residential property could lose nearly $1.5 trillion in value over the next three decades, largely because insurance will become increasingly expensive—or simply unavailable. Think about that: if you can’t get affordable insurance, your mortgage lender will likely pull back, crushing property values and making it impossible to sell or refinance. This isn't just a coastal problem; the resolution references warnings from the Financial Stability Board about cascading risks, including mortgage crises and bank insolvencies, similar to what triggered the Great Recession. This suggests that the financial fallout from devalued homes in one region could easily ripple out and affect jobs and savings nationwide.

Why This Matters to Everyone

While this resolution doesn't force anyone to do anything, its significance lies in the official data it spotlights. It’s a formal alarm bell for regulators and policymakers, giving them documented, specific numbers to back up future action. For the average person, it’s confirmation that the rising cost of living and the stability of your largest asset—your home—are directly tied to climate realities. Whether you live in a flood zone or not, a $1.5 trillion hit to the housing stock is an economic shock that affects everyone's job market, 401k, and the overall cost of borrowing money. This resolution is basically the government's way of saying, “We see the data, and the data says the foundation of the economy is getting wet.”