BABYLON, N.Y. (AP) — New York has auctioned off more than 400 wrecked houses that it bought after Superstorm Sandy.
The state's goal is to make neighborhoods affected by the 2012 storm stronger and more resilient. The storm caused $65 billion in damage along the Atlantic coast.
Some buyers were contractors looking to renovate or rebuild the homes for profit.
Others bought deeply discounted property that requires them to spend thousands for repairs to fortify damaged homes to get their slice of the American dream of home ownership.
The state mandates that all redevelopment be consistent with local zoning regulations. Many of those regulations have been strengthened after Sandy to require fortification against storm damage.
A total of 417 homes sold at auctions for $66 million. The state purchased them for $140.5 million.