The Federal Reserve Bank of New York released a report titled “Flood Risk and Basement Housing in New York City: The Impact of Extreme Weather on Vulnerable Housing Stock” on May 22, 2024. The report indicates that approximately 10% of low-income and immigrant New Yorkers reside in census tracts with basement apartments at high risk of flooding.
The areas identified with the highest flood risk to basement housing include south and east Brooklyn, south Queens, the east coast of Staten Island, and the East Bronx. Additionally, census tracts with significant flood risks for low-income renters encompass these regions as well as East Harlem and the Lower East Side of Manhattan.
“The confluence of extreme weather, severe housing shortages, and public safety means it is increasingly important to understand which neighborhoods’ basement apartments are at risk,” stated Ambika Nair, a community development research analyst at the New York Fed and author of the report.
The findings also reveal that 40% of low- and moderate-income and immigrant New Yorkers live in areas currently at low risk of future flooding but may face gentrification pressures as adjacent neighborhoods deal with potential frequent floods.
This report builds on previous research by the New York Fed and follows a separate white paper examining the impact of flooding on household finances in New York. It includes detailed maps illustrating both flood risk and flood depth across New York City, highlighting areas with higher flood risks alongside higher shares of low- and moderate-income renters.
The study was developed under the New York Fed’s Community Development efforts focusing on health, household financial well-being, and climate risk.
For further information:
Ellen Simon
(347) 978-3036
Ellen.Simon@ny.frb.org
