New York proposes buyouts in hurricane zones

Andrew Cuomo is keeping busy.  Right after getting important gun control legislation passed, the New York governor is back with a proposal to protect the state's coastal areas from the next Hurricane Sandy.

Today's New York Times reports on his idea to buy up homes severely damaged or destroyed by the hurricane.  He would also offer financial incentives to homeowners in vulnerable areas to sell, even if they'd suffered little or no damage.  The state would then clear the purchased land, creating dunes, wetlands, or parks as natural barriers against future storms.

Based on estimates of the number who would sell, the state places the cost of the program at about $400 million.  A substantial part of this would come from the $51 billion in the recently-enacted Sandy relief legislation.  Before anything can happen, the program will require approval from federal housing officials at the Department of Housing and Urban Development.  When a Times reporter asked about the governor's ideas, they said it was too soon to respond.

Certainly, there will be other hurdles besides those in Washington DC.  But the governor's idea seem to make enormous sense.  According to the Times, people in affected areas have responded in mixed ways.  Some are enthusiastic and hope the buyout program is implemented.  Others say their ties to the coast are too strong and they'll never leave.

We'll see.  I haven't looked at the results of similar programs in other places, but I'd guess that presented with concrete offers, substantial numbers of homeowners will sell.  And what are Massachusetts, Connecticut, New Jersey, and other Atlantic Coast states coming up with?