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

TRD WEEKEND EDITION /
Aug.August 26, 2018 04:06 PM

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


Related Articles

arrow_forward_ios
Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report

arrow_forward_ios