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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Subsea fiber-optic cables are the world’s information superhighways with over 95% of the world’s international data traveling through them. This not only includes email, video calls, and streaming but also financial transactions and government communications.
Tech giants including Google, Amazon, Meta and Microsoft are heavily investing in building subsea cable infrastructure to service their AI demands and connect their growing network of data centers. Because of the importance of this infrastructure however, subsea cables have become the targets of suspected sabotage. To understand how subsea cables work, CNBC visited Alcatel Submarine Networks subsea cable manufacturing facilities in Calais, France and Greenwich, England. We also spoke to government officials and tech giants to find out why subsea cables are crucial to keeping us connected and what we can do to protect this critical infrastructure.
Chapters:
0:00 – 3:02 Introduction
3:02 – 4:45 How do subsea cables work?
4:45 – 7:30 Increasing demand
7:30 – 13:05 Manufacturing and installation
13:05 – 22:08 Cable cuts and grey-zone tactics
Produced and Shot by: Magdalena Petrova
Camera and Editing: Erin Black
Animation: Jason Reginato, Mallory Brangan
Senior Director of Video: Jeniece Pettitt
Additional Editing: Nic Golden Henry
Additional Camera: Benjamin Hall
Additional Footage: ASN, Getty Images, Google, Reuters
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How A Million Miles Of Undersea Cables Power The Internet — And Now AI
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The war in Ukraine is making it harder for the U.S. defense, mining and construction industries to source high explosives like TNT. The shortage could increase the cost of cell phones, electricity, home and infrastructure construction and other essentials. Watch the video above to learn more about the global TNT shortage and how the defense and commercial explosives industries plan to address it.
Chapters:
0:00 Introduction
1:30 Chapter 1: National defense
4:20 Chapter 2: Commercial blasting
7:12: Chapter 3: The future of U.S. blasting
Produced, Shot and Edited by: Macklin Fishman
Additional Camera: Andrew Evers
Animation: Emily Park, Jason Reginato, Mallory Brangan
Senior Director of Video: Lindsey Jacobson
Additional Footage: Associated Press, Defense Visual Information Distribution Service, Explosives Research Lab at Colorado School of Mines, Getty Images, Humphreys County Emergency Management Agency, Reuters, WFIE, WSMV
Additional Sources: Agency for Toxic Substances and Disease Registry, Illinois Department of Natural Resources
With Special Thanks to: Explosives Research Lab at Colorado School of Mines
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Why The U.S. Is Making This Explosive Again
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With over 277 million active daily users, Zillow is the most widely used real estate app in the United States. The Seattle-based tech firm provides property price estimates and a wealth of data previously available only to Realtors in the Multiple Listing Services system. Today, many real estate agents rely on Zillow to generate leads that produce commissions. The company’s stock has underperformed the broader market as it wades through a series of legal challenges. Watch the video to learn how Zillow makes money and how its changing American home buying.
Chapters:
0:00 Introduction
1:18 Chapter 1: Zillow’s finances
6:19 Chapter 2: Zestimates and AI
8:08 Chapter 3: Multiple Listing Services
Produced by: Carlos Waters
Edited by: Andrea Miller
Additional Camera by: Paul Lester
Senior Director of Video: Lindsey Jacobson
Graphics: Jason Reginato
Additional footage: Getty Images
Additional Sources: New York University, New York Stock Exchange, U.S. District Court Southern District of New York, U.S. Securities and Exchange Commission, Zillow Group
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How Zillow Makes Money
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The pace and scale of artificial intelligence deals lately has been staggering, with ChatGPT-maker OpenAI alone racking up around $1 trillion-worth of AI deals this year. These interconnected investments have dramatically lifted the valuations of many of the companies involved and sent U.S. stock indexes to new highs.
But some experts are worried that this web of deals is reminiscent of the dotcom bubble.
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CNBC’s Julia Boorstin looks at the best websites for at-home buying this holiday season, and Valley Girl’s Jesse Draper reveals her favorites.
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