Having charged low rates during years of bumper development, the National Flood Insurance Program worked at cross-purposes with itself while development continued on.
Drawing from a segment of Vox's "The Weeds," Kelly Swanson writes, "The national flood insurance program was created in the 1960s to deter people from building in flood prone areas. But, says Sarah [Kliff], it has actually done the opposite."
"[Matthew Yglesias] offers an explanation as to why representatives from flood-prone areas support the federal flood insurance program — the cheap land has promoted economic growth." Charging low premiums in what were actually high-risk areas did little to curtail development there. And when the floods came, money was available to bail the most risky homes out.
Eager for development, local politicians supported the program. Says Yglesias, "It was the politicians in these areas that did not really want to accept the market verdict, that it may seem like the city of Houston is surrounded by cheap land, but that land has enormous hidden flooding risk."
Read the full story: The Weeds: the problem with the national flood insurance program
Post-Harvey Homeowners Face an 'Army of Speculators'
In Houston, investors are snapping up damaged homes that will be dependent on flood insurance.
Hurricane Harvey and the Failure of the National Flood Insurance Program
Houston's most recent natural disaster is only the latest example of how a program created to help homeowners has been a greater benefit to the industries that profit from them.
Harvey Flooding Unlikely to Depress Houston's Housing Market
Vigorous continued demand for Houston homes left some realtors surprised after the city endured catastrophic flooding. For a lot of new construction, elevated homes may become the norm.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Chicago voters approve permanent festival grounds, penalty for vacant property owners
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NYC votes to cut outdoor dining red tape, speed up permitting
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California appears to reject Prop. 45
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City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority