Growth allowed in NYC flood plains?

Mayor Bloomberg of New York plans a massive investment in flood protection. It is perhaps not unlike the concept of the Thames Barrier in London. Today the New York Times editorial supports the plan and says:

About 400,000 New Yorkers live in flood-prone areas. City analysts estimate that, by the 2050s, 800,000 people will live within those areas. As Mr. Bloomberg said of the need to start working immediately: “Whether you believe climate change is real or not is beside the point; the bottom line is we can’t run the risk.”

How is it possible that they would allow a doubling of population into flood prone areas? Why not stop growth in areas prone to flooding and move those already there?

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