New York Gov. Andrew M. Cuomo is proposing to spend a chunk of Superstorm Sandy relief funds on buying out severely damaged homes and turning the properties into open space or flood plains, an idea that met with approval by industry interests.
The New York Times reported Monday that the governor proposes to spend $400 million to purchase the homes and reshape the coastal landscape of New York.
Under the plan, The Times says that residents living in flood plains with homes that suffered significant damage would be offered pre-storm value for their houses to relocate. Homeowners in more vulnerable areas would receive a bonus of 10 percent above market value for the houses. Homes in extreme-risk areas, where all the homeowners in the neighborhood agree to sell, would receive an additional 10 percent bonus.
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