Lets talk about another government subsidy for the CMC rich in FEMA's underwriting of the National Flood Insurance instead of letting the market determine the rates. Jersey Shore homeowners will find their homes — built based on old flood records — will be insufficiently protected from future storms as sea levels rise and storms grow in intensity. While promised new state rules could force new construction to build higher and outside of the flood zones, they remain mired in thorny disputes between homeowners, business groups and local government, delaying the process indefinitely.