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New Flood Maps Would Affect $128M Worth of NYC Property, Report Says

By Nicholas Rizzi | October 30, 2014 3:12pm | Updated on October 31, 2014 5:37pm
 A report found that new flood maps would affect $128 million worth of city property.
A report found that new flood maps would affect $128 million worth of city property.
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DNAinfo/James Fanelli

NEW YORK CITY — New flood maps being proposed by FEMA would affect properties worth more than twice those currently deemed to be at risk, a report by Comptroller Scott Stringer found.

Under the new 100-year floodplain maps being discussed, $128 million worth of property in New York City would be at risk of rising water. Current maps affect only $58 million worth of property, the report released this week found.

Stringer's "On the Frontlines" analysis compared the value of properties inside FEMA's 2010 flood plain map to the proposed 100-year flood zones and found there were three times as many structures in high-risk flood zones. Every borough had an increase, according to the study.

On Staten Island, the new plan would raise the value of property in flood zones from $4.6 million in 2010 to $6.4 million, the report found.

"This new data demonstrates clearly the need for New York to invest in resiliency projects to protect those in the flood zone,” Stringer said in the release.

“These investments should benefit not only the safety of those in high-risk flood zones, but also potentially lower their insurance premiums."