New York City’s Basement Residents Face Financial Risk of Floods
Basements have been essential parts of the NYC housing stock. A new report documents the risk and lack of protection for inland residents.
As New York City sees more bouts of severe rain, the flood risk these storms pose to many basement apartment dwellers isn't being fully accounted for, according to a new report from the Federal Reserve Bank of New York.
Basement dwellings face some of the greatest flood risks, yet they remain an essential part of the housing stock in New York City. They’re cheaper than above-ground apartments in a city where a recent report found only 5% of units are affordable for the average salary. An estimated 10% of low-and-moderate-income, immigrant and ethnic or racial minority residents live in census tracts with a high risk of flooding and high concentration of basement apartments.