Sunday, February 17, 2013

They want out

From the Daily News:

On the far end of Staten Island, on a vulnerable patch of marshland, a collection of modest bungalows was hit so hard by Hurricane Sandy that the entire neighborhood is getting ready to pack up and leave.

Eighty percent of the 183 homeowners in a six-block section of Oakwood Beach have banded together to ask Gov. Cuomo to buy them out — all of them at once.

The state will use federal funds and offer 100% of the home’s prestorm value, plus a 5% bonus for acting as a group — a sweetener meant to encourage conversion of larger swaths of land.

It’s modeled on a similar federal program that has slightly stricter requirements. A Cuomo aide said the state and city are asking the feds to approve $200 million for buyouts for all five boroughs.

In fact, the neighborhood has suffered a Job-like history, walloped by a 1992 nor’easter, incinerated by a 2008 fire in the marsh, then drowned by Hurricane Irene in 2011.


Anonymous said...

Yup, these folks will get a fair price !
Cuomo was the head of HUD (a very corrupt one) with great connections with real estate developers.
Even if they get fair market value, wait a few years and see who buys up the properties and how much they get for the land.
The big people think many years ahead, us little people live in a much shorter time frame due to the realities of being little.

Anonymous said...

" You can't fool (with)Mother Nature"

A marsh is a marsh and that's the end of the story.

Anonymous said...


So the collective subsidizes a poor decision to buy a home on an island near waters edge.

Moral Hazard is now permanently etched into policy at every corner.

Anonymous said...

The land is going to revert to its natural state - nothing will be built on it.

These homeowners are not going to get a better deal.

Anonymous said...

I don't understand. If they had HO insurance, why are my tax dollars buying the houses? If you live in a flood zone, you must have flood insurance (which is subsidiazed with tax dollars.) If they didn't have insureance, that's their own fault and they shouldn't get a penny. How many times am I going to pay their houses? I already pay for own and own insurance, why am I paying for theirs too?

Anonymous said...

Anon -1

The way government works is to create a problem so they can solve it. You pay going in and getting out. Keeps thousands of feds employed.

Anonymous said...

I'm so glad i bough my home many miles from the water on high ground so that i can afford to help pay for those that didnt.

Anonymous said...

Buyer beware!
These should have never been built.
They should have never have been bought!