After incurring $4.8 billion in repair costs from superstorm Sandy, NY's MTA had a hard time buying insurance. It's utilizing an innovative tool - called a catastrophe bond - to help prepare financially for a damaging storm surge in the near future.
"The Metropolitan Transportation Authority has sold the first bond designed to protect specifically against storm surges, assembling a $200 million protection plan against the greatest source of damage from superstorm Sandy," report Katy Burne and Ted Mann.
"The MTA's traditional avenues for insurance coverage dried up after Sandy, with damage from the storm making it 'exceedingly difficult for [it] to obtain insurance,' MTA Chairman Thomas Prendergast said in a statement."
"The use of the new financing tool—known as a catastrophe bond—is one of the clearest signs yet of how Sandy has driven up the cost of running the MTA and how its leaders are moving to adapt to the risk of future storms."
FULL STORY: MTA Sells Storm Bond
The Sad Saga of Three East Coast Subways
With so much attention placed on the woes facing D.C. Metro, it's important to recognize that it is hardly the only subway facing critical infrastructure investment needs.
The Return of the Ferry to the Big Apple—to All Five Boroughs
Ferries, New York City's first commuter mode, will return big-time if Mayor Bill de Blasio gets his way. Judging by how well the proposal in his February 3 State of the City address was received, he will.
A Year Later, Sandy Recovery Shows That Building Resilience Takes Time
Despite warnings of the threats posed by rising seas and more extreme storms in the years leading up to Hurricane Sandy, the New York region's preparations lagged behind where experts thought they should be. Has anything changed since Sandy?
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?
How Trump's HUD Budget Proposal Would Harm Homelessness Response
Experts say the change to the HUD budget would make it more difficult to identify people who are homeless and connect them with services, and to prevent homelessness.
The Vast Potential of the Right-of-Way
One writer argues that the space between two building faces is the most important element of the built environment.
Florida Seniors Face Rising Homelessness Risk
High housing costs are pushing more seniors, many of them on a fixed income, into homelessness.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
JM Goldson LLC
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont