60,000 New York City Buildings Added to FEMA's 100-Year Flood-Risk Map

Nov. 3, 2014 — Talk about your real estate being underwater: According to a new report by New York City Comptroller Scott Stringer, updated flood-zone maps from the Federal Emergency Management Agency (FEMA) cover 84,596 structures in the five boroughs, up from 23,885 in the 2010 maps. That comes out to 400,000 residents, the report says. These newly analyzed flood insurance rate maps (FIRMs), which were proposed last year and are awaiting federal approval, could increase flood-insurance rates by as much as 18 percent per year for similar levels of coverage, the report says.

And more increases could be coming since, the report adds, "The currently proposed maps, which are due to take effect in 2016, were initiated in 2010 and as a result do not even take into account flooding patterns observed during Superstorm Sandy." The report urges the City to invest in "resiliency projects that will safeguard our shorefront communities," valued at $129 billion. It's also a whole lot of people's lives and livelihoods. On the other hand, there are also a lot of luxury waterfront apartments — so should taxpayer money also protect those private developments with deep-pocket owners? Just asking.