Multifamily Flood Insurance Affordability Study

In order to help preserve the affordability and stability of New York City’s waterfront neighborhoods, this report seeks to develop meaningful policy recommendations for flood insurance for multifamily and mixed-used buildings. The authors note the importance of this analysis given recent reforms to the National Flood Insurance Program (NFIP) and increasing flood risk due to extreme weather events and sea level rise. The study’s findings quantify the number of multifamily and mixed-use buildings in high-risk areas; determine the extent of flood insurance coverage; and seeks to understand potential rising costs and perceptions around future flood risk and attitudes toward investing in mitigation.