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NEW Financing New York City's Defense Against Climate Change Risk READ HERE

Hurricane Sandy threw quite a punch at NYC.  This article makes a number of reasonable points but then it ends on a funny and revealing note.

Meanwhile, Con Edison says it’s made more than $400 million in improvements to substations and other technology to ensure that Sandy-level flooding would never again cut power for days to half of Manhattan. A spokesman said the company has built a concrete flood wall around equipment and has proposed $1 billion in further improvements over a 40-year time span.

The public utility is asking for hundreds of millions in rate hikes to fund these improvements, which New York Gov. Andrew Cuomo is contesting.

Why would a Governor oppose productive investments in defending a key piece of his local economy?  The NY Times piece suggests that Cuomo views Con Ed to be an inefficient organization that is using the threat of crisis to increase its budget and engage in empire building.   While I can't find any material to substantiate this, I also believe that there is an element of spatial redistribution here.  Con Ed serves a wide service area that includes Manhattan's suburbs.  Should those rate payers be subsidizing service delivery in Manhattan?  My mom would say "yes" because their jobs are there and would be threatened if Manhattan is at risk but if we look at the data I bet that more and more people who live in Westchester work there.   Manhattan is rich and should pay for its own defense.  After all, the land owners there are the residual claimants on any "new news" related to climate change.  Fama won the nobel prize in part for his work on asset price dynamics and event studies.  As I argue in Climatopolis, climate change is an "event" that will affect asset prices!  The folks in Manhattan who own land know what the impact will be and they are looking for others to pay for their defense.

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