The Real Deal New York

Tri-state area lost nearly $7B in resi value due to flooding: report

New York, New Jersey and Connecticut lost just as much value as storm-drenched Florida between 2005-2007
August 26, 2018 04:06PM

Hurricane Sandy flooding

Homeowners in New York, New Jersey and Connecticut have seen home values lose nearly $7 billion due to flooding since 2005, according to a new study.

That’s on par with the $7.4 billion in value lost during the same time across the five southeastern states of Florida, Georgia, South Carolina, North Carolina and Virginia.

The new study from the nonprofit First Street Foundation said the Northeastern tri-state area lost nearly as much property value than storm-drenched Florida because of the concentration of valuable real estate in the area, the Wall Street Journal reported.

New York lost $1.3 billion in potential value between 2005 and 2017, and New Jersey lost $4.5 billion. Connecticut lost $916 million. [WSJ] — Rich Bockmann