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Sandy Could Cost $20B in Property Damage

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  • Description

    George Mason University Professor Anthony Sanders on recovery costs after Hurricane Sandy.

  • Duration 2:10
  • Date

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-- -- say they in this is no laughing matter late leaving millions.

To clean up after this mess and it could cost.

Then that's and it's all over the place twenty million dollars in property damage it may be even more Anthony Sanders is a professor at George Mason University.

-- more on housing knows it all he's joining us from Washington DC.

Up -- off.

And that they are they're the number of people -- do we have enough people to rebuild some of these areas that -- does virtually destroyed.

-- -- -- -- Unfortunately the answer is no after the housing bubble -- as you know the -- constructionist us.

Gone way down.

And so that the number of workers -- typically in the construction sector and along the coast lawyers of the you know Virginia's New Jersey Maryland Connecticut senator.

Is is limited so in other words.

The the rebuilding period is going to be would take much longer than you'd normally think -- what this did to the cost of construction cost of long are.

Well lumber cost sororities spiking.

All the construction materials are going up as well.

And and look we should see actually labor costs go up at least regionally not nationally.

And so this is this can be very expensive recovery.

And it will also be very expensive potentially for homeowners.

Even if they are insured.

Right Tony because of the way that deductibles work particularly.

For hurricane insurance.

Well.

Working insurance generally is 5% on coastal areas deductible and and if you're in one of the -- if you're not one of the Wall Street people house a home stone harbor.

Or you -- run some -- to live.

And you Bruce Springsteen.

That's different but for a -- majority of people on the coasts.

They're saying they're gonna have to fork up you know maybe.

1020000.

Dollars for deductible.

And if they try to borrow it well.

Real back to the tight credit situation where -- gonna get the money.

On the -- -- -- any questions there yet on answered thank you for answering does please come back very soon and take care of some.

Thanks David Anthony Sanders -- George Mason University our workspace.

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