Xorte logo

News Markets Groups

USA | Europe | Asia | World| Stocks | Commodities



Add a new RSS channel

 
 


Keywords

2025-02-27 19:03:55| Fast Company

On Valentines Day 2025, heavy rains started to fall in parts of rural Appalachia. Over the course of a few days, residents in eastern Kentucky watched as river levels rose and surpassed flood levels. Emergency teams conducted over 1,000 water rescues. Hundreds, if not thousands of people were displaced from homes, and entire business districts filled with mud. For some, it was the third time in just four years that their homes had flooded, and the process of disposing of destroyed furniture, cleaning out the muck and starting anew is beginning again. Historic floods wiped out businesses and homes in eastern Kentucky in February 2021, July 2022 and now February 2025. An even greater scale of destruction hit eastern Tennessee and western North Carolina in September 2024, when Hurricane Helenes rainfall and flooding decimated towns and washed out parts of major highways. Each of these events was considered to be a thousand-year flood, with a 1-in-1,000 chance of happening in a given year. Yet theyre happening more often. The floods have highlighted the resilience of local people to work together for collective survival in rural Appalachia. But they have also exposed the deep vulnerability of communities, many of which are located along creeks at the base of hills and mountains with poor emergency warning systems. As short-term cleanup leads to long-term recovery efforts, residents can face daunting barriers that leave many facing the same flood risks over and over again. Exposing a housing crisis For the past nine years, I have been conducting research on rural health and poverty in Appalachia. Its a complex region often painted in broad brushstrokes that miss the geographic, socioeconomic and ideological diversity it holds. Appalachia is home to a vibrant culture, a fierce sense of pride and a strong sense of love. But it is also marked by the omnipresent backdrop of a declining coal industry. There is considerable local inequality that is often overlooked in a region portrayed as one-dimensional. Poverty levels are indeed high. In Perry County, Kentucky, where one of eastern Kentuckys larger cities, Hazard, is located, nearly 30% of the population lives under the federal poverty line. But the average income of the top 1% of workers in Perry County is nearly US$470,000 17 times more than the average income of the remaining 99%. This income and wealth inequality translates to unequal land ownership much of eastern Kentuckys most desirable land remains in the hands of corporations and families with great generational wealth. When I first moved to eastern Kentucky in 2016, I was struck by the grave lack of affordable, quality housing. I met families paying $200-$300 a month for a small plot to put a mobile home. Others lived in found housing often-distressed properties owned by family members. They had no lease, no equity and no insurance. They had a place to lay ones head but lacked long-term stability in the event of disagreement or disaster. This reality was rarely acknowledged by local and state governments. Eastern Kentuckys 2021 and 2022 floods turned this into a full-blown housing crisis, with 9,000 homes damaged or destroyed in the 2022 flood alone. There was no empty housing or empty places for housing, one resident involved in local flood recovery efforts told me. It just was complete disaster because people just didnt have a place to go. Most homeowners did not have flood insurance to assist with rebuilding costs. While many applied to the Federal Emergency Management Agency for assistance, the amounts they received often did not go far. The maximum aid for temporary housing assistance and repairs is $42,500, plus up to an additional $42,500 for other needs related to the disaster. The federal government often provides more aid for rebuilding through block grants directed to local and state governments, but that money requires congressional approval and can take months to years to arrive. Local community coalitions and organizations stepped in to fill these gaps, but they did not necessarily have sufficient donations or resources to help such large numbers of displaced people. With a dearth of affordable rentals pre-flood, renters who lost their homes had no place to go. And those living in found housing that was destroyed were not eligible for federal support or rebuilding. The sheer level of devastation also posed challenges. One health care professional told me: In Appalachia, the way it usually works is if you lose your house or something happens, then you go stay with your brother or your mom or your cousin. But everybodys mom and brother and cousin also lost their house. There was nowhere to stay. From her point of view, our homelessness just skyrocketed. The cost of land social and economic After the 2022 flood, the Kentucky Department for Local Government earmarked almost $300 million of federal funding to build new, flood-resilient homes in eastern Kentucky. Yet the question of where to build remained. As another resident involved in local flood recovery efforts told me, You can give us all the money you want; we dont have any place to build the house. It has always been costly and time-intensive to develop land in Appalachia. Available higher ground tends to be located on former strip mines, and these reclaimed lands require careful geotechnical surveying and sometimes structural reinforcements. If these areas are remote, the costs of running electric, water and other infrastructure services can also be prohibitive. For this reason, for-profit developers have largely avoided many counties in the region. The head of a nonprofit agency explained to me that, because of this, The markets have broken. We have no [housing] market. There is also some risk involved in attempting to build homes on new land that has not previously been developed. A local government could pay for undeveloped land to be surveyed and prepared for development, with the prospect of reimbursement by the U.S. Department of Housing and Urban Development if housing is successfully built. But if, after the work to prepare the land, it is still too cost-prohibitive to build a profitable house there, the local government would not receive any reimbursement. Some counties have found success clearing land for large developments on former strip mine sites. But these former coal mining areas can be considerable distances from towns. Without robust public transportation systems, these distances are especially prohibitive for residents who lack reliable personal transportation. Another barrier is the high prices that both individual and corporate landowners are asking for properties on higher ground. The scarcity of desirable land available for sale, combined with increasingly urgent demand, has led to prices unaffordable for most. Another resident involved in local flood recovery efforts explained: If you paid $5,000 for 30 acres 40 years ago, why wont you sell that for $100,000? Nope, [they want] $1 million. That makes it increasingly difficult for both individuals and housing developers to purchase land and build. One reason for this scarcity is the amount of land that is still owned by outside corporate interests. For example, Kentucky River Properties, formerly Kentucky River Coal Corporation, owns over 270,000 acres across seven counties in the region. While this landholding company leases land to coal, timber and gas companies, it and others like it rarely permit residential development. But not all unused land is owned by corporations. Some of this land is owned by families with deep roots in the region. Peoples attachment to a place often makes them want to stay in their communities, even after disasters. But it can also limit the amount of land available for rebuilding. People are often hesitant to sell land that holds deep significance for their families, even if they are not living there themselves. One health care professional expressed feeling torn between selling or keeping their own family property after the 2022 flood: We have a significant amount of property on top of a mountain. I wouldnt want to sell it because my papa came from nothing. His generation thought owning land was the greatest thing. And for him to provide his children and his grandchildren and their great-grandchildren a plot of land that he worked and sweat and ultimately died to give us people want to hold onto that. She recognized that land was in great demand but couldnt bring herself to sell what she owned. In cases like hers, higher grounds are owned locally but still remain unused. Moving toward higher ground, slowly Two years after the 2022 flood, major government funding for rebuilding still has not resulted in a significant number of homes. The state has planned seven communities on higher ground in eastern Kentucky that aim to house 665 new homes. As of early 2025, 14 houses had been completed. Progress on providing housing on higher ground is slow, and the need is great. In the meantime, when I conducted interviews during the summer and fall of 2024, many of the mobile home communities that were decimated in the 2022 flood had begun to fill back up. These were flood-risk areas, but there was simply no other place to go. Last week, I watched on Facebook a friends live video footage showing the waters creeping up the sides of the mobile homes in one of those very communities that had flooded in 2022. Another of my friends mused: I dont know who constructed all this, but they did an unjustly favor by not thinking how close these towns was to the river. Cant anyone in Frankfort help us, or has it gone too far? With hundreds more people now displaced by the most recent flood, the need for homes on higher grounds has only expanded, and the wait continues. Kristina P. Brant is an assistant professor of rural sociology at Penn State. This article is republished from The Conversation under a Creative Commons license. Read the original article.


Category: E-Commerce

 

LATEST NEWS

2025-02-27 19:00:00| Fast Company

Some good news for all the tired parents out there: Having and raising kids may unexpectedly boost your brain and protect your mind from aging over the long run, according to a new study published in the Proceedings of the National Academy of Sciences. The research from Rutgers Health and Yale University found parents developed higher brain-wide functional connectivity as they aged, especially in networks associated with movement and sensation, if they had more children. Those same networks typically show lower functional connectivity associated with greater age, meaning parenthood may protect against “functional brain aging.” The study findings apply to both moms and dads, which suggests the benefits come from parenthood caregiving, rather than pregnancy alone. This study looked at data from 37,000 adults including 19,964 females and 17,607 males from the UK Biobank, using the largest population-based neuroimaging data set to date to investigate the link between the number of children a parent had and age of brain function. It sheds new light on how adult human brains develop over the course of a lifespan, and is encouraging news for women who temporarily suffer from “Mommy brain,” or greater forgetfulness and difficulty concentrating during and after pregnancy. Overall, these results suggest that parenthood may be neuroprotective in later life, and are consistent with preliminary findings of previous studies that show younger-looking brain structures in animal parents. Check out the full study here.


Category: E-Commerce

 

2025-02-27 18:31:00| Fast Company

As Tesla shares continue to decline amid CEO Elon Musk’s controversial behavior and involvement in politics, one of the nations largest labor unions is worried about just how low the stock could go. On Thursday, American Federation of Teachers (AFT) president Randi Weingarten sent a letter to the CEOs of six major asset management firms, outlining the union’s concerns over Teslas recent stock struggles and urging asset managers to reassess investments in the EV maker. Weingarten pointed to Teslas stock price dropping to as low as $290.80 from a high of $489, as well as the companys market capitalization falling below $1 trillion. She argued that Teslas latest financial disclosures should raise red flags, citing missed profit margin expectations and rising cost pressures. These are not isolated incidents but rather a troubling pattern that suggests Teslas pricing power is eroding, leaving it vulnerable to market fluctuations and increased competition, Weingarten wrote. The letter was sent to Larry Fink of BlackRock, Abigail Johnson of Fidelity, Ronald OHanley of State Street, Thasunda Duckett of TIAA, Robert Sharps of T. Rowe Price, and Salim Ramji of Vanguard. Musk and Teslas board were copied on the letter as well, reported the the New York Times. Fast Company reached out to Tesla for comment. Weingarten also detailed Teslas struggles in Europe, noting a 60% decline in sales in GermanyEuropes largest auto market. Additionally, she pointed to growing competition in the EV charging sector, particularly with the launch of IONNA, a rival charging network backed by Mercedes, BMW, General Motors, Stellantis, Honda, Hyundai, Kia, and, most recently, Toyota. Musk’s Divided Attention Teslas financial troubles come after the company received shareholder approval for Musks $56 billion pay package, Weingarten noted. When gathering shareholder approval for the proposal, Tesla board chair Robyn Denholm wrote, Fairness and respect require that we honor the collective commitment we made to Elona commitment that was, and fundamentally still is, about retaining Elons attention and motivating him to focus on achieving astonishing growth for our company. Following the pay package vote, Musk has since established himself as a close adviser to President Trump and is now moving to slash the size of the federal workforce via his Department of Government Efficiency (DOGE). The Trump administration has also announced a halt to federal funding for the expansion of highway EV charging infrastructure, according to Weingartens letter. She also pointed to a decline in Teslas brand perception, citing data from the American EV Jobs Alliance. According to the organization, EV swing consumersthose open to purchasing an EV once costs drophold negative views of Musk, further complicating Teslas ability to expand its customer base. Weingarten ended her letter by calling for asset managers to take action. Given these mounting concerns and the potential material impact on pension fund portfolios, I would appreciate a response detailing your firms assessment of Teslas current valuation and the steps you are taking to protect AFT members who are your clients and beneficiaries, she wrote. The AFT represents 1.8 million education, healthcare, and public sector workers. According to a union press release, AFT members deferred wages are invested in pension funds totaling an estimated $4 trillion, with a significant portion tied to Tesla shares. Additionally, teachers and nurses have billions of dollars in their own savings invested in direct contribution pension plans managed by the asset firms addressed in the letter. Shares in Tesla (Nasdaq: TSLA) are down about 23% year to date.


Category: E-Commerce

 

Latest from this category

27.02Trump tariff threats have Americans doom spending. Heres why thats bad
27.02Trump Republicans kill a rule that charged Big Oil for methane emissions
27.02What to know about the 24-hour economic blackout
27.02Warby Parker to open eyewear shops in Target stores: Heres the full list of locations coming in 2025
27.02MacArthur Foundation to increase giving for two years in response to Trumps foreign aid freeze
27.02How NYC entertainers and creatives are driving fire aid for Los Angeles
27.02Prada unveils bold liberation at Milan Fashion Week
27.02Stripe hits $91.5 billion valuation in latest tender offer
E-Commerce »

All news

27.02Stocks Falling Sharply into Final Hour on Global Growth Worries, Tariff Concerns, Earnings Outlook Jitters, Tech/Alt Energy Sector Weakness
27.02EA releases source code for four Command & Conquer games
27.02Forza Horizon 5 careens onto PS5 on April 29
27.02Economic Blackout: Will a 24-hour boycott make a difference?
27.02CHA launches year of renewal as the agency grapples with executive leadership exodus
27.02New data center, built for sustainability, opens in Aurora
27.02Trump tariff threats have Americans doom spending. Heres why thats bad
27.02Trump Republicans kill a rule that charged Big Oil for methane emissions
More »
Privacy policy . Copyright . Contact form .