NYC Flood Zone Properties Worth $129B Under New FEMA Maps

The assessed value of properties in New York City that lie within Federal Emergency Management Agency’s (FEMA) newly proposed 100-year floodplain maps is $129.1 billion, more than double the value under previous floodplain maps, according to an analysis published on Oct. 29 by New York City Comptroller Scott Stringer.

Stringer’s analysis shows that under the 2010 floodplain maps, the value of buildings inside the 100-year flood zones was $58.6 billion. Under the newly proposed 100-year flood zones, the value of buildings jumps to $129.1 billion — with the number of structures in high-risk zones rising from 23,885 to 84,596.

To better protect the city’s physical and fiscal well-being against future weather events, Stringer recommends the following steps:

• Accelerate the pace of investment in resiliency projects and shoreline improvement, which will allow the city to transform its physical footprint to better withstand the threat posed by future storms.

While New York City has spent billions on delivering a resilient recovery for affected citizens, the city has been slow to dispense dedicated HUD money for coastal protection and building mitigation measures, said Stringer.

• Call on FEMA to expedite review of risks and premiums for the National Flood Insurance Program after the completion of large-scale resiliency work. Public investment should reduce premiums.

While some property owners have taken steps to reduce their exposure to flooding, large-scale resiliency projects should also have the potential to lower insurance rates. FEMA is currently not obligated to update its premiums in real-time, meaning that large-scale changes may not be reflected in FEMA maps and rates for decades.

• Utilize scientific research on flood risk, climate change to better inform municipal decisions.

Stringer recommends that the city mitigate the exposure of its assets to climate change by requiring city agencies to account for climate risk in the planning and siting of future capital projects.