Skyrocketing flood insurance hits NYC residents

07/29/2013 | New York Times (tiered subscription model), The

Some New York City residents are facing large increases in flood insurance costs after Hurricane Sandy, the restructuring of the federal flood insurance program and revised flood maps for high-risk areas. "The risk that New York faces is a combination of residents being priced out of their homes and realistic mitigation measures not being incentivized by the strategy of the federal flood insurance program," says Seth Pinsky, a senior aide to Mayor Michael Bloomberg.

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