While this natural and in many ways, a man-made threat, will not knock down roofs or raise waters to the ceilings, it will cause flood insurance prices to rise dramatically. Skyrocketing prices will result in the horrific fall of property values throughout the southern part of the state and in many locations throughout the nation--some thousands of miles away from any gulf or ocean.
Jefferson Parish President John Young is one of those elected officials who has been trying to convince the Obama administration and members of Congress about the impending insurance premium disaster that has come about due to the recent changes to the National Flood Insurance Program (NFIP) .
In a Bayoubuzz Google Hangout interview on Thursday, Young discussed how Congressional legislation passed last year has resulted in serious unexpected consequences that is already starting to affect property owners in the parish and elsewhere. Young said that unless the Obama administration and Congress take immediate and significant actions to delay the implementation of the law, flood insurance prices will skyrocket exponentially.
According to Young, the ripple effect could cause economic upheaval causing homeowners to default on their mortgages, properties to essentially fall out of commerce due to the uncertainties of the future and the realities of the unaffordable costs to own property.
The seriousness of the possible damage is reflected in the Friday visit of the California Democratic Congresswoman Maxine Waters to the region. Waters, co-authored the legislation along with Republican Congresswoman Judy Biggert.
According to Young, Jefferson is one of the parishes that could be most walloped by the inundation of high flood insurance premiums, significant property price reductions and free-falling economies.
So, what is Young, other state elected officials and a large national coalition attempting to do to maintain the proverbial flood gates from being overwhelmed by exorbitant insurance costs increases?
In the Google Hangout interview, Young discussed this and other issues including the political opposition to the slowing down or the delaying of the legislation, somewhat ironically named “Biggert Waters” after the co-authors.