From Bloomberg:

R. J. Lehmann, director of insurance policy at the R Street Institute, which advocates for market-based solutions to climate change, said that even if FEMA’s new approach caused home values to fall in some areas, the shift was necessary.

“Adapting to climate change is never going to be a cost-free exercise,” Lehmann said in a phone interview. “We absolutely need a more granular and more updated look at what flood risk is.”