Cuomo to spend $400M to demolish homes damaged by Hurricane Sandy

TRD New York /
Feb.February 04, 2013 01:00 PM

Governor Andrew Cuomo is proposing a purchase program, which will require approval from federal officials, to spend as much as $400 million to purchase homes ruined by Hurricane Sandy, demolish them and have the land preserved permanently as undeveloped coastline, the New York Times reported yesterday. The ambitious plan would pay residents living in the flood plain, with homes that were significantly damaged, the full pre-storm value of their houses to relocate.

The land would never be built on again and some properties could be turned into dunes, wetlands or other natural buffers that would help protect coastal communities from future storms. Other parcels of land could be combined and turned into public parkland.

In the aftermath of Hurricane Sandy, Cuomo has said that the state of New York needs to reconsider coastal development and has spoken about the consequences of global climate change, the Times noted.

There are about 10,000 or so homes that were substantially damaged by Hurricane Sandy in New York state, the Times said. Homeowners who chose to relocate within their home county would receive a 5 percent bonus above the pre-storm market value, to encourage people to relocate nearby. [NYT] –Hayley Kaplan

Related Articles

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)

Landlords take another hit: Cuomo signs expanded Loft Law

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo wants to exempt NYC from prevailing wage bill

According to a lobbyist, the REBNY is not planning to attend Governor Andrew Cuomo’s birthday party (Credit: Getty Images, iStock)

Big Real Estate facing new limits on NY state campaign contributions

New York Governor Andrew Cuomo (Credit: Getty Images, iStock, Wikipedia)

Cuomo signs bill to lock up landlords who harass tenants

From left: Assembly member Joseph Lentol, Governor Andrew Cuomo and State Senator Liz Krueger (Credit: Getty Images)

Tenant harassment bill hits governor’s desk

EB-5 sees investment boost, tensions flare between brokers and StreetEasy: Daily digest

EB-5 sees investment boost, tensions flare between brokers and StreetEasy: Daily digest

Granit Gjonbalaj (Credit: LinkedIn)

The purge continues: WeWork’s head of real estate is leaving