‘Not Sustainable’: High Insurance Costs Threaten Affordable Housing
'Not Sustainable': High Insurance Costs Threaten Affordable Housing The New York Times
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Homeowners and Affordable Housing Face Rising Insurance Costs
Summary:
Homeowners in areas battered by climate disasters are facing dizzying insurance rate increases. But builders of housing for the homeless and other low-income families are also struggling.
For years, Father Joe’s Villages, a nonprofit homeless services provider and housing developer in Southern California, could reliably count on the insurance premiums for its properties rising up to 10 percent every year.
But this year, the insurance bill hit $4.4 million — quadruple the previous year. And that was on top of a sharp increase in deductibles.
The sudden rate increase was hardly unique. From Rhode Island to Louisiana, and Texas to Washington, developers of affordable housing have been reeling from exponential surges in property insurance premiums.
Calling the situation “very grave,” Jim F. Vargas, the president and chief executive of Father Joe’s Villages, warned that rising insurance costs could “derail not only our plans as a homeless services provider and developer from constructing additional buildings, but it could derail, frankly, the plans for housing in general to be developed in this state.”
As anecdotes about escalating insurance become more commonplace, most of the attention has focused on the owners of single-family homes and condominiums in states that have been pummeled by floods, fires and one climate disaster after another. Homeowners are struggling to keep up with costs. Insurance carriers are hemorrhaging money and no longer writing policies in certain areas.
Desiree Rios for The New York Times
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
The article discusses the challenges faced by developers of affordable housing, which directly relates to SDG 1, as it addresses poverty and the need for adequate housing. Additionally, the article mentions the impact of climate disasters on insurance rates, which connects to SDG 11, as it focuses on creating sustainable cities and communities. Finally, the article highlights the role of rising insurance costs in the context of climate change, aligning with SDG 13, which aims to take urgent action to combat climate change and its impacts.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property.
- SDG 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
- SDG 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries.
The targets identified above address the need for equal access to economic resources and basic services (SDG 1.4), the provision of adequate and affordable housing (SDG 11.1), and the strengthening of resilience to climate-related hazards (SDG 13.1).
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 1.4.2: Proportion of total adult population with secure tenure rights to land, with legally recognized documentation and who perceive their rights to land as secure, by sex and type of tenure.
- Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing.
- Indicator 13.1.1: Number of deaths, missing persons, and directly affected persons attributed to disasters per 100,000 population.
The indicators mentioned above can be used to measure progress towards the identified targets. Indicator 1.4.2 assesses the security of tenure rights, Indicator 11.1.1 measures the proportion of the urban population living in inadequate housing, and Indicator 13.1.1 tracks the impact of disasters on the population.
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property. | Indicator 1.4.2: Proportion of total adult population with secure tenure rights to land, with legally recognized documentation and who perceive their rights to land as secure, by sex and type of tenure. |
| SDG 11: Sustainable Cities and Communities | Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums. | Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing. |
| SDG 13: Climate Action | Target 13.1: Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries. | Indicator 13.1.1: Number of deaths, missing persons, and directly affected persons attributed to disasters per 100,000 population. |
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Fuente: nytimes.com
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