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Cuomo Wants Hard-Hit Homeowners To Sell Property To Gov’t
Posted By Ned Berke On January 25, 2013 @ 2:00 pm In Real Estate | 11 Comments
Forget your guns, the government is coming for your house! Well, only if you want them to. And only if you live in an area hit hard by Superstorm Sandy.
The Daily News reports:
Gov. Cuomo wants Hurricane Sandy victims who live along the coast to consider rebuilding their homes on stilts or selling their houses to the state and relocating.
“At one point, you have to say maybe Mother Nature doesn’t want you here. Maybe she’s trying to tell you something,” Cuomo said in a phone interview with the Daily News Editorial Board.
Cuomo said he hopes more Sandy victims will choose to have the state buy them out rather than rebuild in areas that are at risk of future storm damage.
It would relieve the government of having to pay to rebuild the same houses multiple times.
The state promises “market value” for homes. However, some have already raised concerns about the shortfall in property values this will cause if communities begin withdrawing from the waterfront.
We, however, can’t help but wonder how long the government will let the land sit empty before it forgets all about flooding and builds some luxury condos and retail developments on land that it got dirt cheap.
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