Why the California water crisis will lead to a housing collapse, municipal bankruptcies and a mass exodus of climate refugees
by Mike Adams
NaturalNews.com
Thursday, May 07, 2015
The only proof you need that many Californians are still living in a water fairy tale is the fact that California real estate prices haven’t yet collapsed. Even as the California Governor has declared a state of emergency — and emergency water rationing is under way — there are still people purchasing commercial and residential real estate in precisely the areas that will be hardest hit by that rationing.
What is the value of a home or business that has no functioning connection to a water system? Essentially ZERO.
How many California homes and businesses are headed for a zero-water future? Many millions.
How many Californians are aware of all this and already have their homes on the market so they can move somewhere else? A very small number… a tiny fraction of the total number of home and property owners invested there.
What these people are unfortunately not yet seeing is the catastrophic consequences of a continued drought and how it can utterly destroy the value of their property.
Understanding the psychological dynamics of real estate valuation
The Rest…HERE
