Homeowners in New York, New Jersey and Connecticut have seen home values lose nearly $7 billion due to flooding since 2005, according to a new study.
That’s on par with the $7.4 billion in value lost during the same time across the five southeastern states of Florida, Georgia, South Carolina, North Carolina and Virginia.
The new study from the nonprofit First Street Foundation said the Northeastern tri-state area lost nearly as much property value than storm-drenched Florida because of the concentration of valuable real estate in the area, the Wall Street Journal reported.
New York lost $1.3 billion in potential value between 2005 and 2017, and New Jersey lost $4.5 billion. Connecticut lost $916 million.
14 comments:
Oh well
Developers love to make their money, even selling real estate in flood prone areas, but the city has done virtually nothing to install any flood control measures. It's really up to the buyer to do their homework and peruse the flood maps before buying. Living near the shore is delightful---until a big storm wipes your neighborhood out. Look at the victims of Sandy---still rebuilding after years!
still wondering why the shelters were planned for glendale / MV /Maspeth? they want us out so they can snatch up
the white flight bargains...
Sources. First Street Foundation is a two month old NFP that uses "communication initiatives" to empower people about sea level rises. Ok. I can claim to have lost one trillion dollars in "potential" value, too. So what?
Here's the "study":
Link
It's a stretch to call it an analysis since it's based on an entirely different geographical region from which conclusions have been heavily extrapolated.
I've been looking at First Street Foundation. I find no one with any scientific background on their staff. They are all marketing folks. Kind of makes me wonder what they actually, really, really know. They're ringing the alarm bells with numbers that boggle the imagination, but I don't see a link to this study you are claiming or where they gleaned such data. I think this is another "can you believe it" fantasy story, meant to effect the real estate market in a negative manner. Too bad Crappy!
Bullshit is that map exaggerated. Most those yellow area in Queens are areas with sewer problems not storm problems.
Interesting how these are all small middle class owned 1 & 2 family's the mayor wants bulldozed.
That map is bullshit, somethings cooking and it aint good !
Whats the plan,
A: Make the homeowners insurance so expensive to drive down prices and get people off the land?
B: Force people to sell cheap and put up "new and improved" boxes?
A, B or both ?
This "study" was done by "Digitally-Driven Advocates for Sea Level Rise Solutions". New York lost "potential value".
It sounds like total horse shit.
"Flood control measures" (at billion$ per project) are a false hope. You cannot hold back the ocean, or the runoff from upland. End of story. If you are already at two feet (or ten feet) above sea level, you better be prepared for many many flood events per year, every year, for the rest of your life. If you don't like it, move to higher ground.
Use drones with infrared imaging to locate underground streams,
many of which have drifted or moved by construction.
NYC didn't even lose value during the great real estate debacle a few years back,it just stayed level for a couple of years and then began another climb to the top. These people are pulling strings to make an attempt to lower values and increase insurance for flood coverage. Bogus, Bogus, Bogus!
Bullshit, the bastards are all working in symphony to steal the land
This 501(c)organization looks like a bunch of web artist hipsters who built themselves a bullshit job. as in NOT not engineers and scientists. Last why is documentation on who's funding these people only available on request?
This reeks like the old Fulton fishmarket after a heatwave, un fucking real what going one under deBlasio, special interest and devolopers.
Worse then Boss Tweeds bullshit in the history books
I like how all the flooding photos never made it to social media or anywhere - all scrubbed away. BUT, some of us have a few - Gantry Park submerged in toxic sewage and a kid riding his bike through it, Astoria Houses with the water to the door step.
And every 5 years a storm will top it.
It only takes a couple words simple logic:
When you live by the water or a volcano never expect it to be permanent. The dinosaurs & Indians that one inhabited the land even knew this.
Speaking of toxic sewage
Ask those dummy's down in the "Big Cesspool" or "Boiling Pit of Sewage" called New Orleans. The only dump in the country worse then Detroit and Jamaica Queens.
-Ned
www.nra.org
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