his report is a preliminary and living document highlighting the economic effects of Hurricane Sandy on New York City. It examines how the use of loans as the main form of “aid” to disaster-impacted communities is not effective at addressing individual or community needs. Further, the use of loans may lead to disastrous longer- term economic consequences for the impacted communities.

Although Hurricane Sandy was the first “Frankenstorm” to hit New York City, in recent years climate disasters have become a regular sight on the evening news. From Hurricanes Katrina and Irene to Midwestern droughts and wildfires in the Southwest, many communities are facing these types of crises all across the country. As our climate has changed, the burden of the cost of disaster has also been shifting. Individuals are now expected to shoulder relief expenses that used to be shared publicly. Victims are faced with long-term, unexpected economic consequences as well as displacement from the communities they call home. [emphasis mine]