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2012-11-29. Post-Storm Cost May Force Many From Coast Life

posted Dec 5, 2012, 2:16 PM by Lisa Ou   [ updated Dec 14, 2012, 10:47 AM ]
| by David M. Halbfinger, The NY Times. Relevant to Climate Change chapter 8. Excerpt: …Homeowners in storm-damaged coastal areas who had flood insurance — and many more who did not, but will now be required to — will face premium increases of as much as 20 percent or 25 percent per year beginning in January, under legislation enacted in July to shore up the debt-ridden National Flood Insurance Program. The yearly increases will add hundreds, even thousands, of dollars to homeowners’ annual bills. While many homeowners are beginning to rebuild without any thought to future costs, the changes could propel a demographic shift along the Northeast Coast, even in places spared by the storm, according to federal officials, insurance industry executives and regional development experts. Ronald Schiffman, a former member of the New York City Planning Commission, said that barring intervention by Congress or the states, there would be “a massive displacement of low-income families from their historic communities”.…. Read the full article: http://www.nytimes.com/2012/11/29/nyregion/cost-of-coastal-living-to-climb-under-new-flood-rules.html?nl=todaysheadlines&emc=edit_th_20121129&_r=1&