New Yorkers continue to invest billions in homes in flood-prone areas despite increasing awareness of climate change impacts.
In the quest for homeownership in the midst of a housing crisis, many New Yorkers are turning to low-lying areas despite the risks associated with climate change. These areas offer affordability and proximity to the water, making them an attractive option for those willing to take on the challenges of living in flood-prone zones.
One such homeowner is Carmen Borrero, who recently purchased a charming bungalow in New Dorp Beach, Staten Island, for $270,000. Situated in a flood zone on the island’s eastern shore, the house offers a picturesque setting just steps away from the beach. Despite the potential for storms and flooding, Ms. Borrero was drawn to the allure of living near the sand and surf, acknowledging the trade-offs that come with such a location.
The decision to buy a home in a flood-prone area comes with a range of hidden costs that prospective buyers need to consider. These costs include purchasing flood insurance, undertaking major construction projects to mitigate flood risks, and dealing with the ongoing financial burden of repairs and improvements. Homeowners also face a growing psychological toll as they grapple with the uncertainty of future flooding events and the impact on their property and well-being.
Amrita Bhagwandin, a resident of Hollis, Queens, has experienced multiple floods in her home and has spent over $160,000 on repairs. She describes the anxiety and stress she feels every time it rains, highlighting the emotional strain that comes with living in a flood-prone area.
Despite the challenges, many New Yorkers are willing to take on the risks associated with buying a home in low-lying areas for the opportunity to own a property near the water. The allure of waterfront living, combined with the affordability of these neighborhoods, continues to attract buyers looking to fulfill their dream of homeownership in the midst of a competitive housing market.
As climate change intensifies and sea levels rise, the need for sustainable and resilient housing solutions becomes increasingly urgent. Homeowners in flood-prone areas must weigh the benefits of waterfront living against the potential risks and costs associated with future flooding events. By staying informed, taking proactive measures to protect their properties, and seeking support from government agencies and community resources, homeowners can navigate the challenges of living in flood-prone areas while safeguarding their investments and well-being.
Source: The NY Times
