Here Are the Details of the Hurricane Sandy Buyout

Here Are the Details of the Hurricane Sandy Buyout

According to New York Gov. Andrew Cuomo, as much as $400 million could be spent to purchase some of the 10,000 homes damaged by Hurricane Sandy. The New York Times says that Cuomo is willing to pay pre-storm market prices for these homes, and will offer a 5 percent bonus above market value to people who relocate inside of their home county.

If an area is exceptionally vulnerable, that bonus would hike up to 10 percent and could possibly reach buildings that weren't damaged by the storm at all. In January, Cuomo told residents in areas that got Sandy's worst to "move on" because it's possible that "Mother Nature" doesn't them want them there anymore. Many agree with this sentiment.

Cuomo would use a fraction of the $50 billion Hurricane Sandy relief bill that Congress passed to finance his plan. 

[via Gothamist]

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Tags: hurricane-sandy, new-york, buyout
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