Tech
Can Homeowners In The U.S. Afford Climate Change?
From western wildfires to east coast flooding, climate change is wreaking havoc on American homes. In this thrilling and emotional documentary, CNBC follows life after fire victim Jenna Johnson narrowly escaped California’s deadliest and most destructive fire, the Camp Fire. Meanwhile, standing in his flooding garage, Miami Beach resident Curt Dyer debates raising his house 4 feet to escape the water. Watch the full documentary to see how climate change victims are trying to protect themselves and their homes.
The rain fell steadily at Curt Dyer’s Miami Beach, Florida, home on a mid-July day this summer. He opened the door to the garage and pointed to the flood already collecting in his driveway. He said it wouldn’t be long until the whole garage flooded.
Even though he faces daily nuisance flooding, the 30-year Miami Beach resident said he is not considering moving. “It’s paradise living here.”
Dyer estimates he’s spending about $250,000 in renovation costs to make his home more resilient to flooding. While that figure includes some upgrades to the cabinetry in the kitchen, the main structural change will raise the driveway 3 feet and pitch it so water will flow into the street. He’s also raising his guest bedroom and bathroom 4 feet.
Jesse Keenan, associate professor of real estate at Tulane University, says these types of resiliency fixes, which are primarily available to the wealthy, create a game of musical chairs with home equity.
As long as homeowners like Dyer are able to sell their property at a higher price after resiliency investments, they come out on top. Eventually, however, a homeowner or bank could end up losing everything if a flood or other disaster destroys the house and makes the property unlivable. Over time, this risk will increase insurance rates and make it harder to get mortgages.
“We anticipate a rapid decline in valuation,” Keenan told CNBC. “Only the wealthy can afford to live, for instance, in high-risk coastal areas, because everybody else can’t insure it and won’t be able to get a mortgage.”
In fact, homes exposed to sea level rise sell for about 7% less than their unexposed counterparts, according to a study published in 2019 in the Journal of Financial Economics. That discount jumps to 10% when the owner of the property is not living there.
Flooding is the most common and most expensive natural disaster in the U.S., according to FEMA. Ninety percent of all natural disasters in the U.S. involve flooding and just 1 inch of water can cause $25,000 of damage to a home.
A 2018 Insurance Information Institute survey found that only 15% of American homeowners have flood insurance. Keenen fears all this combined will lead to a situation where only the wealthy will be able to protect themselves from climate danger.
Dyer said registering his flood claims has been relatively simple but he and his husband are paying out of pocket for these major renovations. But it’s worth it to make his dream home complete, and he expects Miami Beach will continue to be livable for at least another 20 years.
“If I didn’t have the resources and the capability to make the repairs, I would probably have no desire to live in these conditions in this environment. It would be unacceptable. But I do have the resources. I have the ability to make the correction. So I’m going to do it,” he said.
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Can U.S. Homes Survive Climate Change?
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Texas has long attracted data centers with its pro-business policies and abundance of land. Today, it’s one of the biggest data center hubs in the country, but residents are starting to push back over issues like transparency, water use and power bills. CNBC traveled to Texas to learn how the growing backlash has made data centers a key issue in the upcoming race between Ken Paxton and James Talarico–and in midterm elections across the country.
Reporter: Justin Papp
Produced and Shot by: Macklin Fishman
Edited by: Andrea Miller
Animation: Emily Park, Jason Reginato
Additional Camera: Andrew Evers
Additional Editing: Rowan Buck, Christian Nunley
Senior Managing Producer: Shawn Baldwin
Additional Footage: Getty Images
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Inside Texas’s Growing Political Fight Over Data Centers
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Manpower is key for making enough chips to power AI, but a new report shows the U.S. faces a shortage of up to 157,000 semiconductor workers by 2030. Samsung sits down for a rare interview with CNBC’s Katie Tarasov about why it’s “concerned” as it prepares to open a new logic fab in Texas, within months of other U.S. fabs coming online from TSMC, Intel, Micron and SK Hynix. For now, U.S. chipmakers like Micron hold hiring sprees in Asia, which has dominating the industry for decades and offers chip jobs with bonuses upwards of $500,000. CNBC finds out what chipmakers and U.S. schools like Purdue and Arizona State University are doing to entice the next generation of U.S. students to study chip engineering, in hopes of creating a talent pipeline that will keep from crippling U.S. ambitions to lead in AI.
Chapters:
0:00 Introduction
2:28 Chip manufacturing in the U.S.
4:47 Front-end fabs, thousands of workers
7:44 Creating the pipeline
10:27 Other incentives
Producer and Reporter: Katie Tarasov
Edited by: Erin Black, Andrew Evers
Camera: Alex Bedoya, Robert Lampe, Evan Reinhardt
Additional Production: Mallory Leonard
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato, Emily Park
Additional Footage: Intel, Micron, Getty Images, SK Hynix, Samsung, TSMC, College of Western Idaho
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America’s AI Chip Talent Crisis — Why The U.S. Needs 157,000 More Workers
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While investors focus on Tesla’s Cybercab and Waymo’s robotaxis, autonomous trucking has been quietly gaining traction. Aurora Innovation has begun commercial freight runs in Texas and is expanding its fleet of driverless semitrucks. CNBC’s Phil LeBeau spoke with Aurora CEO Chris Urmson to learn more about why he believes autonomous freight is nearing a turning point.
Reporter: Phil Lebeau
Produced by: Meaghan Reeder
Edited by: Erin Black
Senior Managing Director: Tala Hadavi
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Exclusive: Ride-Along Inside Aurora’s Self-Driving Semitruck
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Key features include 4-day battery life, an enhanced heart rate monitor and automatic tracking. CNBC’s Harriet Taylor checks it out.
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First Look At Fitbit’s Long-Awaited $300 Ionic Smartwatch | CNBC
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AI doomerism hit a fever pitch after former OpenAI and Anthropic researchers warned that AI could kill us, and Anthropic CEO Dario Amodei, OpenAI’s Sam Altman and SpaceX CEO Elon Musk joined the cause. As runaway AI fears reached a crescendo, policymakers renewed calls for a magic stop button for AI or a kill switch, which would require model makers to build a capability to shut down access when an agents go awry. CNBC speaks to experts to find out what it would take to build an AI kill switch.
Chapters:
0:00 Introduction
1:55 Car we create an AI kill switch?
2:51 Hardware-based soltuion
3:14 Kill switch regulation
5:31 The EU AI Act
7:21 Self regulation
8:44 Are we too late?
Reporter: Samantha Subin
Senior Director of Video: Jeniece Pettitt
Edited by: Erin Black, Andrew Evers
Additional Footage: Getty Images
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Why It’s So Hard To Build An AI Kill Switch
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