In the News Congress tried to cut subsidies for homes in flood zones. It was harder than they thought.
Critics of the flood-insurance subsidies tend to point out that they disproportionately benefit wealthier homeowners. The libertarian R Street Institute, drawing on data from the GAO, notes that “78.8 percent of subsidized policies are in counties that rank in the top 30 percent of home values, while less than 1 percent are in counties that rank in the bottom 30 percent.” That fact may also helps explain why the program is so difficult to repeal.
