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.
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.
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Slide Insurance Secures $210 Million Catastrophe Bond 
Florida Peninsula Says Reforms Have Had an Impact, Announces 2% Rate Cut 
Soaring Insurance Costs Hit as US Buyers Finally Get a Break on Car Prices 
Cargo Owners in Baltimore Disaster Face ‘General Average’ Loss Sharing, MSC Says 
