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