NY Retreat From Storm-Prone Shores May Have Hidden Costs

Law360, New York (January 24, 2013, 7:42 PM EST) -- Gov. Andrew Cuomo's proposal to buy homeowners out of storm-prone areas in New York marks the starkest-yet articulation of a "policy of retreat" favored by environmentalists, but it could leave neighbors vulnerable to plunges in property value and towns strapped for tax revenue, experts said Thursday.

In his annual budget address Tuesday, the Democratic governor proposed using money from Congress, doled out in the form of grants from the U.S. Department of Housing and Urban Development, to pay homeowners who choose to relocate away from areas...
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