Gov. Chris Christie today vetoed a bill that advocates feared would have jeopardized New Jerseyans ability to obtain flood insurance.
The bill, S 2680, would have allowed developers to build apartment buildings and other types of development on existing piers in the Hudson River. Those piers, under the most recent flood insurance maps, are now in velocity zones.
National Flood Insurance Program regulations prohibit building over the water in velocity zones, and communities, and even states, that adopt regulations that violate NFIP rules could be suspended from the program.
Christie said in his absolute veto of the bill that because the bill had the potential to cause flood insurance program eligibility to be revoked in affected municipalities, “I cannot condone such a risk.”
The state allows hotels and other commercial development to be built on piers in velocity zones in Atlantic City, a measure on the books since the 1980s created to incentivize tourism. No projects were completed under the provision because of the cost.