I've updated my template for HPHF Ratio Agreements to include extending expirations out to Feb 2024.

Are there any longer-term climate-related implications from the tragedy at Surfside, and if so, how might one express a view, without picking a top in prices?

I've fleshed out details on how I would structure HPHF agreements, that would allow a user to go long an index on home prices for one city, while shorting the index on another, to express a view on expected relative performance over some fixed time frame.