The New York Times, June 7, 2024, ‘Not Sustainable’: High Insurance Costs Threaten Affordable Housing
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.
