Well government subsidized flood insurance had created a moral hazard. Now when people get flooded out the taxpayers bail them out. Then they rebuild right back in the same flood plane. What we should do is eliminate the insurance subsidy and the tax. Just let the market set both the land prices and the insurance rates.
The biggest problem with this bill ... let me list them..
1.) TAX BILL , REVENUE! , started illegally in the senate banking comittee not the house
2.) NEVER VOTED ON in Senate!
3.) replots flood plains , increases zones by huge amounts of acreage .
4.) Just as with other taxes huge waste ,,, can’t speak for other states but flood insurance would be FREE in Florida right now if just half of the profits were re-invested.
5.) This is grandfathered in for existing owners with 25% yearly increases (until they can’t pay and the gov’t siezes the property) ,, but an approx 500% increase is immediate if the property is sold... You’ll never sell another house in Tampa again ... this will lead to a few hundred thousand abandoned houses .. just what we need..