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Comptroller: $101B of NYC Properties Face Superstorm Risk
Nw York City has lagged in implementing resiliency projects to protect coastal areas from rising sea levels and the threat of another superstorm, Comptroller Scott Stringer says in a new report. As of this past March 31, the city had spent only 54% of the $14.7 billion in federal funds allocated after Superstorm Sandy in 2012, the report says.
The slow pace of investment leaves as much as $101.5 billion in property value, such as homes, hospitals and businesses, vulnerable to more frequent and more intense storms, according to Stringer. The value of properties in flood plains has gone up by 73.1% since 2010, with the percentage increase greatest for Queens.
“It’s not a question of whether New York will be hit by another superstorm like Sandy, but when,” Stringer said. “We have to do more, and we have to do it now.”
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- ◦Economy
