In 100 Years, $77 Billion Worth Of San Francisco Property Could Be Underwater
Around the city, more than 200,000 commercial and residential buildings-along with major infrastructure like the airport-are at risk from either temporary flooding or permanent loss due to sea level rise if the city does nothing to prepare. Even more dangerously, the risk extends well inland, and isn’t limited to property directly on the coast.
Armed with the new maps, San Francisco is currently creating a strategy to try to save as much property as possible. “It’s almost inevitable that, in the end, the plan will be a combination of multiple approaches,” says VanderMarck. “One approach in some areas will be to surrender to the fact that seas are rising-it’s impractical, either economically or for other reasons, to try to defend against that in certain areas.” In other places, the city may build higher walls or other defenses.
In the Ocean Beach neighborhood, for example, it’s likely that the city will reroute portions of the road that’s currently along the water, replacing some areas with open space, while also building up dunes and protecting some infrastructure like a wastewater tunnel. On Treasure Island, where the city is planning to build a new sustainable community, any new housing will be set back from the water, with parks along the edges-parks that very likely will be reclaimed by the bay.
My comment: FEMA is rezoning all the coastal properties in the U.S., including my small island city in San Francisco Bay. Of course, the big complaint was having to buy flood insurance for those who have mortgages….
Check out the full article and the very interesting graphics:
Not C/R fees? File a complaint with the FDIC!!
Here is what VaCAP received from an appraiser who reached out to the FDIC:
I just had a call from an extremely pleasant lady named Susan Welch from the FDIC Consumer Response Center (1-800-378-9581). I had sent a note over regarding an AMC attempting to get me to sign a “Base Fee Letter” agreeing to a drop of my base fee for full appraisals to $325 from $400-500. She said the FDIC is VERY interested in hearing from appraisers regarding AMCs paying low fees. As you know FDIC regulates the banks, who are responsible for third party oversight with AMCs they engage. FDIC wants Regulation Z to be followed and will enforce it for appraisers.
Incidentally I opted to have them proceed while keeping me anonymous, a la whistle blower status. Susan said she would be surprised if they had not investigated this within 90 days.
FDIC bank examiners will contact the bank involved and look at their procedures for engaging appraisers, look at fees appraisers are actually paid versus what is considered C&R based on things like the VA sheet and go from there.
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