NYU's 'Dr. Doom' says New Yorkers who moved to Florida, Texas, says states won't 'survive' climate change
NYU's 'Dr. Doom' says that 'half' of the U.S. will either be underwater or too hot in the next 20 years because of climate change
NYU's 'Dr. Doom' says US is 'heading towards a recession'
NYU economist ‘Dr. Doom’ Nouriel Roubini said on Saturday that the U.S. is heading toward a recession by the end of 2022 or the beginning of 2023.
The New York University economist who's dubbed "Dr. Doom" for predicting the 2008 financial crisis is criticizing New Yorkers who "stupidly" moved to states like Texas or Florida because of the impact of climate change.
Nouriel Roubini, CEO of Roubini Macro Associates and New York University economics professor, made the comments on Bloomberg's "Odd Lots" podcast.
"A lot of real estate is going to be stranded because of global climate change," Roubini said. "People have stupidly moved from New York to Miami, and from San Francisco to Austin, but Florida is going to be flooded and Texas is going to be too hot to survive there."
Roubini said there are maps that show "half" of the United States underwater or under extreme heat.
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New York University professor Dr. Nouriel Roubini speaks on stage for MegaThreats: Ten Dangerous Trends that Imperil Our Future, and How to Survive Them. (Photo by John Lamparski/Getty Images for Concordia Summit / Getty Images)
"Literally there are maps that show that half of the U.S. in the next 20 years is going to be either underwater on the coastlines or too hot, or droughts or wildfires, to be living in it."
He added that there will be a "massive migration from the South and the coastlines towards the only part of the U.S. that is going to survive climate change, is the Midwest into essentially Canada."
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The New York University economist who's dubbed "Dr. Doom" for predicting the 2008 financial crisis is criticizing New Yorkers who "stupidly" moved to states like Texas or Florida because of the impact of climate change. (iStock / iStock)
"So there will be trillions of dollars of real estate assets are going to be damaged by essentially global climate change," Roubini said.
He said that investors "have to worry about" climate change and "find the types of investment in the right parts of the United States."
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Downtown city skyline view of Tampa Florida USA looking over the Hillsborough Bay and the Riverwalk (iStock / iStock)
"So it's a combination of short term treasuries of tapes, and other inflation indexed bonds, gold and the right type of real estate is going to be the future," Roubini said.