Congress tried to cut subsidies for homes in flood zones. It was harder than they thought.
Some context here: Critics of the flood-insurance subsidies have pointed out that they disproportionately benefit wealthier homeowners. The libertarian R Street Institute, drawing on data from the GAO, has noted 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.” But a variety of communities are still affected, from Rhode Island to New Jersey to Louisiana. And the outcry turned out to be remarkably widespread.
