FEMA to redraw NYC flood maps after de Blasio appeal

Change could lower insurance bill for many New Yorkers

New York /
Oct.October 18, 2016 09:07 AM

Fewer New Yorker may be forced to buy flood insurance in the future, thanks to an appeal by Mayor Bill de Blasio’s administration.

The Mayor’s office asked the Federal Emergency Management Agency (FEMA) to redraw New York City’s flood maps, arguing that they are too pessimistic, and the agency agreed to do so.

“Our city needs precise flood maps that reflect real risks, both today and years from now—and we have to do that fairly,” de Blasio said in a statement.

The new maps will likely shrink the boundaries that determine who is required to buy flood insurance.

Shortly after Hurricane Sandy hit New York in October 2012, FEMA redrew the city’s flood maps for the first time, doubling the number of homes that required the purchase of flood insurance to qualify for federally-backed mortgages. Meanwhile, the 2012 Biggers-Waters Act had ended a de-facto federal subsidy of flood insurance, causing premiums to rise dramatically.

The agency will now analyze flood data to draw new maps. Until that’s done, insurance rules will be based on 2007 flood maps and construction will be based on 2015 maps, Crain’s reported. [Crain’s] — Konrad Putzier


Related Articles

arrow_forward_ios
Mayor Steven Fulop (Mayor Steven Fulop)
Jersey City needs developers to make its inclusionary housing work
Jersey City needs developers to make its inclusionary housing work
Mayor Bill de Blasio (Getty, iStock)
De Blasio’s post-mayoral home has been a 4-star Brooklyn hotel
De Blasio’s post-mayoral home has been a 4-star Brooklyn hotel
Can the world’s most famous skyline also be the most forward-thinking on climate?
Can the world’s most famous skyline also be the most forward-thinking on climate?
Can the world’s most famous skyline also be the most forward-thinking on climate?
Mayor Eric Adams and Bill de Blasio (Getty)
3 things you missed while cheering de Blasio’s departure
3 things you missed while cheering de Blasio’s departure
Photo via NYCEDC
NYC floats $5B coastline extension in Lower Manhattan climate plan
NYC floats $5B coastline extension in Lower Manhattan climate plan
Mayor’s Office of Climate and Sustainability director Ben Furnas and The Real Deal's Hiten Samtani (Ben Furnas)
Exit interview: New York’s climate chief on reshaping the city
Exit interview: New York’s climate chief on reshaping the city
From left: Gov. Kathy Hochul, Mayor Bill de Blasio, Public Advocate Jumaane Williams, and Rep. Lee Zeldin
Here’s where the top contenders for NY governor stand on real estate
Here’s where the top contenders for NY governor stand on real estate
Council members Margaret Chin and Carlina Rivera (Getty, iStock)
City Council tweaks Soho rezoning, assuring its passage
City Council tweaks Soho rezoning, assuring its passage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...