N.Y. Gov. Proposes to Spend Up to $400M to Buy Out Storm-Wrecked Homes

February 5, 2013
new-york-city-2

New York Gov. Andrew Cuomo wants to spend up to $400 million to buy and demolish homes wrecked by Superstorm Sandy and permanently preserve the land as undeveloped coastline.

New York Gov. Andrew Cuomo

A Cuomo administration spokesman confirms the state would use a portion of the $51 billion disaster relief package approved by Congress last week. That would be subject to federal approval.

The plan, first reported Monday by the New York Times, was presented to federal officials last Friday.

The program would offer previous full market value for homes in the 100-year flood plain substantially damaged by the storm and related flooding. It’s estimated 10 to 15 percent of 10,000 owners might apply.

Cuomo raised the buyout proposal earlier, along with other new measures to protect New York City’s underground infrastructure from flooding.

 

Subscribe Insurance news headlines delivered to your email.
Get a free subscription to our popular email newsletter.

Latest Comments

  • February 12, 2013 at 3:11 pm
    Brokie says:
    AJ - this progressive agrees with much of what you said. However, abuse of taxpayer dollars is BI-PARTISAN.
  • February 7, 2013 at 11:38 am
    InsGuy says:
    fine. The Feds should then require that when the land is re-developed (it will be at some point), then the state is no longer eligible for Federal Disaster aid, unless the $4... read more
  • February 5, 2013 at 3:59 pm
    Center Point says:
    Look at it as a cheap way for the government to get their hands on ocean front property at 2012 values - bottom of the market, rather than 2007 values at the top of the market... read more
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features