New York City's Mayor, Bill de Blasio, has voiced his concerns at a press conference over the potential increase in flood insurance for Lower Manhattan and others, since it poses a threat to keeping neighbourhoods affordable. The mayor said that he was "appalled" by reports of rising property values on Staten Island as well as other parts of the city where flooding is expected to be more severe. Being in a flood plain requires you to get flood insurance or face harsher building regulations.
New York City's Mayor, Bill de Blasio, has voiced his concerns at a press conference over the potential increase in flood insurance for Lower Manhattan and others, since it poses a threat to keeping neighbourhoods affordable. This follows the release of preliminary plans, that we noted this week, of updated flood maps by the Federal Emergency Management Agency (FEMA), which has placed hundreds of thousands of homes in floodplains that were not there before. Being in a flood plain requires you to get flood insurance or face harsher building regulations.