The New York University economist, known as “Dr. Doom” for predicting the 2008 financial crisis slams New Yorkers who “stupidly” moved to states like Texas or Florida because of the effects of climate change.
Nouriel Roubini, CEO of Roubini Macro Associates and a New York University economics professor, commented on Bloomberg’s Odd Lots podcast.
“A lot of real estate will be stranded because of global climate change,” Roubini said. “People have foolishly moved from New York to Miami and from San Francisco to Austin, but Florida is getting flooded and Texas is getting too hot to survive.”
Roubini said there are maps that show “half” of the United States under water or in extreme heat.
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“There are literally maps out there showing that within the next 20 years half of the United States will either be under water on the coasts or be too hot, or droughts or wildfires to live in.”
He added that there will be “massive migration from the south and coasts to the only part of the US that will survive climate change, which is the Midwest, essentially to Canada.”
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“So trillions of dollars in real estate assets will be damaged by essentially global climate change,” Roubini said.
He said investors “are concerned about climate change” and “need to find assets in the right parts of the United States.”
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“So the future is going to be a combination of short-dated Treasuries from bands and other inflation-linked bonds, gold and the right kind of real estate,” Roubini said.