video transcript

PLEASE NOTE: THIS EDIT CONTAINS 4:3 MATERIAL From Superstorm Sandy- a new housing crisis; tens of thousands of people left without homes. So far in New York and New Jersey, 34,000 people have been approved for transitional housing assistance. But while it brings back memories of Katrina- there are some key differences: Wharton real estate professor Susan Wachter: SOUNDBITE: SUSAN WACHTER, PROFESSOR, WHARTON BUSINESS SCHOOL, UNIVERSITY OF PENNSYLVANIA (ENGLISH) SAYING: "This is a region where housing vacancy is actually relatively low for the nation as a whole so there is not a whole lot of inventory there. There is inventory in many parts of the country but not here. There is some but we don't have the excess from the bubble as there is for example in Florida." Wachter expects about half of those displaced to find new homes within existing vacancies. She expects the rest will live with friends and relatives or leave the area. Former FEMA official Brad Gair is the new Director of New York City Housing Recovery Operations. SOUNDBITE: BRAD GAIR, DIRECTOR, NEW YORK CITY HOUSING RECOVERY EFFORT (ENGLISH) SAYING: "Post disaster housing is usually one of the most complex and challenging issues to be dealt with in any catastrophic disaster like this." The challenge is also unique in the area because of the cold weather. Near freezing temperatures mean tents and other temporary housing are not an option. But because the population has more financial resources than those hit by Katrina, hotels and renting vacant housing will be options for some. SOUNDBITE: SUSAN WACHTER, PROFESSOR, WHARTON BUSINESS SCHOOL, UNIVERSITY OF PENNSYLVANIA (ENGLISH) SAYING: "It's perhaps in some ways fortunate that there are more resources than the very, very poor that Katrina hit for this case. But on the other hand people without a home are people without a home and there are people who are residents of public housing as well who are looking for replacement housing but all in all it isn't' the same level of impoverishment and there will be the ability to reach out to friends, neighbors and family for many of these people . " Unlikely to happen- a building boom anytime soon. Builders will have their hands full just fixing the damage from Sandy.