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Sun May 5, 2013, 03:21 PM

Sandy-struck New Yorkers seek home buyouts

Source: Reuters


...

Szczesny and nearly all of his neighbors have volunteered to sell their homes to New York State under a $400 million program spearheaded by Governor Andrew Cuomo. So far $171 million has been approved. The first-term Democrat hopes to take more than 1,000 high-risk properties off the market and reduce the state's future storm liability.

For those who qualify, the plan could pay them 100 percent of their property's pre-storm value, a price most could never hope to achieve in the post-Sandy open market given the extensive damage many homes suffered and the prohibitively expensive flood insurance premiums potential buyers would face.

The program, among the most ambitious post-disaster property buyouts ever pursued, is one element of Cuomo's bid to fortify New York against future natural disasters after Sandy effectively shut down the U.S. financial capital, flooding subway tunnels, spurring gasoline shortages, crippling the power supply and leaving thousands homeless for months.

"There are some parcels that Mother Nature owns," Cuomo said in his state of the state address. "She may only visit once every few years, but she owns the parcel and when she comes to visit, she visits."

...

Read more: http://www.reuters.com/article/2013/05/05/us-storm-sandy-buyouts-idUSBRE94405V20130505

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Reply Sandy-struck New Yorkers seek home buyouts (Original post)
jakeXT May 2013 OP
freshwest May 2013 #1
bluedigger May 2013 #2

Response to jakeXT (Original post)

Sun May 5, 2013, 03:32 PM

1. Cuomo is correct about what Mother Nature owns. This will save lives and money in the long run.

Many flood-prone places across the country have been bought out to let Mother Nature or natural forces work as needed. I am hoping those will become nature preserves in which the animals can run or fly away when a storm hits. And the 100% is a good move to not impoverish the owners. They have been good citizens, paid their taxes and worked hard to own, and that is some of the most costly real estate in the country. Good work, Cuomo.

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Response to jakeXT (Original post)

Sun May 5, 2013, 08:34 PM

2. Return to greenspace is often the best solution.

Not perfect, but it should be encouraged where possible.

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