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St. Pete Mayor Bill Foster Calls Federal Flood Insurance Reform Act "Devastating"

St. Pete Mayor Bill Foster Calls Federal Flood Insurance Reform Act

TALLAHASSEE, Fla. (970 WFLA) - Addressing Governor Rick Scott and the Florida Cabinet, St. Pete Mayor Bill Foster urges them to push for the delay of the federal Biggert-Waters Flood Insurance Reform Act.

Foster says the impact of that measure will be "devastating" on homeowners around the state, particularly in his city.

He says 15,000 St. Pete homeowners will see their flood insurance rates skyrocket, many of whom have had their flood insurance premiums federally-subsidized. 

Foster, who was also joined by a Pinellas County realtor, says the impact of that federal budget-reduction measure will also reverse the recovery of the state and local real estate industry and flood the market with forclosures.

Says Foster to Congress:  "Just Hit Pause".

 

 

 

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