Hong Kong Floods Highlight Climate Threat and Need to Update Building Codes

Hong Kong recently experienced record rainfall that caused flooding, landslides, and damage to luxury cliffside properties.
The extreme weather demonstrated the threat of climate change and showed that even well-constructed, expensive homes can be vulnerable.
The rules for safe construction may need revising as extreme weather becomes more frequent due to climate change.
Authorities suspect some damaged properties violated building codes with unauthorized modifications that destabilized the cliffside.
Hong Kong has stringent safety standards but they may be outdated and need review considering the increasing threat of extreme weather.

cnn.com

Relevant topic timeline:

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

Frequent weather catastrophes, fueled by climate change, are causing disruptions in the home insurance market, with insurers pulling out of high-risk areas, raising prices, and reducing coverage, leading to tougher choices and higher costs for consumers.

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.

9/21/2023

New report finds 1 in 4 U.S. homes overvalued due to climate risks, creating 'climate bubble' that could burst

A new report by nonprofit First Street Foundation suggests that a quarter of residential properties in the U.S. are overvalued in relation to their climate risk, with homes in states like California and Florida being more vulnerable to damages from extreme weather events such as hurricanes, floods, fires, and earthquakes. The number of homes likely to be destroyed by fires each year is projected to double in the next 30 years, reaching nearly 34,000 in total, according to the research. The overvaluation of properties due to climate risk could potentially have disastrous consequences for the housing market, leading to a deflation of the climate bubble.

9/22/2023

Climate Change Threatens Collapse of U.S. Home Values as Insurance Costs Rise

Climate change is causing insurance costs to rise and insurers to leave at-risk areas, potentially leading to a collapse in US home values, according to a study from First Street Foundation, which estimates that 39 million homes are still insured at prices that do not match the climate risks they face.

9/24/2023

Overvalued Housing Markets in Climate Hotspots Face Growing Risks

A climate-risk intelligence firm has warned that some of the most overvalued housing markets in the US, particularly in California and Florida, are at high risk of climate-related damage from extreme weather events, leading to potential losses of $1.3 trillion to $2.2 trillion in a market rationalization.

Topics

Posted 9/23/2023, 11:43:00 PM