NYC Seek Alternative Funding For Flood Protection Projects

By Idy Perl

NYC officials are struggling to find ways to fund flood protection infrastructure projects that are needed to protect the city from potential disasters. Many climate projects can’t rely on consistent federal funding which makes it difficult to find funding from other avenues. 

Officials have proposed a plan to City Hall with alternative solutions that can hopefully close the gap and make those projects possible. One recommendation was to split the city into districts, and have the property owners near the shoreline, in what would be called the “shoreline protection districts,” be charged a fee for the ongoing maintenance of the flood protection infrastructure. 

Another possible solution is to involve insurance companies, as they are at risk of financial loss if major flooding happens. Having the insurance industry be an investor in those projects would protect both the city and the insurance companies’ interests. 

Officials also recommended that the city look into getting additional revenue from a mix of sources such as property taxes, sales, personal taxes, and more.