Municipal housing bonds are presented as a critical dual solution to America's deepening affordable housing crisis, especially as federal support diminishes. These tax-exempt bonds significantly lower financing costs for developers, making affordable units viable while offering investors compelling tax-exempt income and social impact.

Flagging office occupancy rates have municipal bond investors concerned. But US cities have more than one card to play in the revenue game.

Never before in the US have we experienced a natural disaster of the magnitude of Harvey. The damage is of such a degree that we find it nearly impossible to comprehend. Yet Harvey does not stand alone. Climate events that preceded it give us much-needed insight into how municipalities recover, and whether disasters precipitate credit defaults.