Storm-Proofing New York Could Make Apartments More Expensive @NextCityOrg

Posted on July 23, 2014 By

We’ve experienced this flood insurance / storm-mitigation nightmare first hand in New Orleans and all along the Gulf of Mexico. No longer a credo of “Cost of Doing Business”, we are faced with the inevitable “Cost of Living” here.  Everyone pays from owner to renter, business to private sector, local to national. This only speaks to our Insurance, not our Infrastructure investment, the dollar-down on simple things such as required maintenance of mechanical risk reduction systems.  ~Bruce Biles

At the 17th Street Canal, temporary gates and pumps block Lake Pontchartrain surge from backing up into the city. Permanent gates and pumping stations will be built at the head of three drainage canals, to replace the ones built in 2006.  David Grunfeld, NOLA.com | The Times-Picayune archives

At the 17th Street Canal, temporary gates and pumps block Lake Pontchartrain surge from backing up into the city. Permanent gates and pumping stations will be built at the head of three drainage canals, to replace the ones built in 2006. –Click to enlargeDavid Grunfeld, NOLA.com | The Times-Picayune archives

Graham T. Beck | Resilient Cities ~New York City knows that ensuring the long-term resilience of its housing stock is a heavy lift. In the reports, plans and legislation that have been produced since Hurricane Sandy, there have been plenty of nods to the challenges faced by building owners, from concerns about skyrocketing insurance rates to zoning impediments to the need for massive capital investments. But until now they’ve been a small piece of a larger puzzle.

A new report by New York University’s Furman Center for Real Estate and Public Policy puts those challenges front and center. By examining the real-world scenarios facing three multifamily buildings that were impacted by Sandy, the report’s authors uncover just how complicated life has become for thousands of multifamily building owners and residents, as well as policymakers. Read more.

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