Bill > SRes555

This resolution recognizes the significant economic threat posed by climate change to the U.S. housing market and property values. Drawing on research and expert analyses, the resolution highlights that sea-level rise and increasingly frequent natural disasters are causing substantial financial risks, with projections showing over 300,000 homes at risk of chronic flooding in the next 30 years, representing $136 billion in property value by 2045. The document cites specific regional examples, such as southeastern states losing $7.4 billion in coastal home values between 2005 and 2017, and predicts that by the end of the 21st century, nearly 2.5 million properties valued at $1.07 trillion could be at risk of chronic flooding. Furthermore, the resolution references warnings from the Federal Housing Finance Agency and the Financial Stability Board about cascading economic risks, including increased insurance premiums, potential mortgage crises, and the possibility of bank insolvencies. The resolution draws a parallel to the Great Recession, suggesting that widespread property value declines could trigger a similar economic downturn, ultimately resolving that the Senate recognizes climate change as a potential catalyst for significant home value declines and broader economic recession.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-resolution/555/all-info