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primarily benefits wealthy homeowners who build in high-risk coastal areas at the expense of U.S. taxpayers.
According to the Institute for Policy Integrity's analysis, "Flooding the Market", the flood insurance program's subsidies help wealthy Americans with large beachfront properties or vacation homes in a typical year, and low-income individuals only during severe catastrophes. According to the study, middle-income areas are the least likely to benefit from the program in any given year.
Sea levels are rising. Should the Gov't pay property owners to protect their homes?
"Sea level has risen nearly 8 inches worldwide since 1880 but, unlike water in a bathtub, it doesn't rise evenly. In the past 100 years, it has climbed about a foot or more in some U.S. cities because of ocean currents and land subsidence — 11 inches in New York and Boston, 12 in Charleston, 16 in Atlantic City, 18 in Norfolk and 25 in Galveston, Texas"
Norfolk Virginia is particularly hard hit - with high tides now regularly flooding the town.
Since 2009 Parson's 1953 home has flooded 3 times rendering it a 'severe repetitive loss property'.
"So next year, a crew will jack it up 5 feet. Parsons will receive federal funds to cover at least 75% of the cost, likely to top $100,000."
What's at stake aren't just beach McMansions for the rich but thousands of working-class homes as well as airports, military bases, seaports, power plants, oil refineries, bridges and highways.
One thing you have to remember about Hampton Roads is that much like Florida, it was built on swamp. When you build over a swamp, you eliminate the waterways and the sponge that is the swamp that used to absorb the water is now gone. The land is sinking here, no doubt. I've seen a change myself, and I got here in 2003. That area of downtown Norfolk has multiple problems, including sewage backup before the water rises. When you build on the water, there is a risk. Homeowners accept that risk for the ambiance of water front living.
I do agree, it's not the rich that end up losing, mostly infrastructure, businesses, and middle class homes.
The sad thing is that something like this will happen. Then of course the politicians will create a package to support them, but load it with all types of pork. It is pathetic.
Norfolk has been extremely lucky but it's just a matter of time, can't blame the people so much but I do blame government for allowing development in these high risk areas in the last 20 years. The government should not be subsidizing homes being built in flood zones, what to do about homes already there is another problem. They should be gradually retreating from the shoreline, not rebuilding.
One thing you have to remember about Hampton Roads is that much like Florida, it was built on swamp. When you build over a swamp, you eliminate the waterways and the sponge that is the swamp that used to absorb the water is now gone. The land is sinking here, no doubt. I've seen a change myself, and I got here in 2003. That area of downtown Norfolk has multiple problems, including sewage backup before the water rises. When you build on the water, there is a risk. Homeowners accept that risk for the ambiance of water front living.
I do agree, it's not the rich that end up losing, mostly infrastructure, businesses, and middle class homes.
I remember a couple of months after Sandy the globe published a "Shocking" flood map of Greater Boston which showed All the areas not land in 1650 (Logan, SE Cambridge, Back Bay, etc) at high risk.
Sea levels are rising. Should the Gov't pay property owners to protect their homes?
"Sea level has risen nearly 8 inches worldwide since 1880 but, unlike water in a bathtub, it doesn't rise evenly. In the past 100 years, it has climbed about a foot or more in some U.S. cities because of ocean currents and land subsidence — 11 inches in New York and Boston, 12 in Charleston, 16 in Atlantic City, 18 in Norfolk and 25 in Galveston, Texas"
Norfolk Virginia is particularly hard hit - with high tides now regularly flooding the town.
Since 2009 Parson's 1953 home has flooded 3 times rendering it a 'severe repetitive loss property'.
"So next year, a crew will jack it up 5 feet. Parsons will receive federal funds to cover at least 75% of the cost, likely to top $100,000."
What's at stake aren't just beach McMansions for the rich but thousands of working-class homes as well as airports, military bases, seaports, power plants, oil refineries, bridges and highways.
No; that is what insurance is for. Typically we do projects to reduce risk from even flooding. But if you look it most common along rivers that flood almost annually somewhere. Its the infrastructure effecting economy we do that for .
No; that is what insurance is for. Typically we do projects to reduce risk from even flooding. But if you look it most common along rivers that flood almost annually somewhere. Its the infrastructure effecting economy we do that for .
True but very few home owners in these high risk areas pay nowhere near the premiums they should be, taxpayers are subsidizing their risk. Additionally there are homes that are worth a fraction of the claims that have been paid out over the years, it would have been more prudent to buy them out and relocate.
This should be one shot deal for existing homes, part of the issue here is existing communities have been built up around these waterways out of necessity in years past. Once you collect once or leave the program you are no longer eligible for subsidized insurance.
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