Surprised no one else brought it up so I will. Is anyone concerned with the new maps? They are preliminary and not final, but they have reclassified many homes into V zones, requiring them to be raised, and in some cases raised on pilings/piers. Not complying would cause flood insurance premiums to skyrocket. Like 30,000 bucks a year. Not a typo.
this is nothing more then a power play for property. Govt is offering "fair" value for anyone wanting to sell their property to them.
Huge policy difference between NY and NJ here. There is zero talk right now of any buyout program in NJ. This could certainly change with one quick announcement, but for now it's really interesting to see the different approaches being taken between the two states.
If you think about it the old FEMA maps were probably based on the assumption that a direct hit in ny nj by a major storm was a low probability. I think that has changed post sandy. Add that to the fact that models predicting climate change are updated by the most recent data and science. I bet this is just another classic example of a goverment agency getting there head out of their ass and getting up to speed, finally. It's going to suck for many. I could be speaking from my butt though...