Tuesday, January 15, 2013
Revised NYC flood maps will cost homeowners
From the NY Post:
Thousands of homeowners don’t realize it, but they’re about to get hit with another fiscal tsunami from Hurricane Sandy.
For the last six weeks, federal officials have been working with the city to redraw maps and expand flood zones that haven’t been changed since 1983.
It’s not hard to figure out where the new boundaries are headed: farther inland.
Mayor Bloomberg made that clear last month by disclosing that two-thirds of the homes battered by Sandy were beyond evacuation zones.
Neighborhoods that had never flooded before, such as Gerritsen Beach and East Williamsburg in Brooklyn, were suddenly under water.
“I’m sure there’s going to be a lot of properties not in the flood zone before and find themselves in now,” said Don Griffin, a vice president at the Property Casualty Insurers Association of America.
The redrawn maps will form the basis for new building regulations meant to contain damages from future storms.
But they’ll also jack up costs for homeowners.
Those planning to build or rebuild within a flood zone will have to meet strict height requirements to get above FEMA-designated flood levels. The lower down they are, the more it will cost.