You can do a subject too deal with anyone who is looking for debt relief. 

It does take time and patience to maneuver through the system but it is very doable with a few connections and an open mind.The storm was a tragic event and I too hope we don't have to experience anything quite like that again, but it has also in my opinion allowed a large group of people (power crews, relief volunteers just to name a few) that may not have ever ventured here an opportunity to experience this paradise first hand.

The 25% exemption noted above is designed for relief from market appreciation not capital expenditures.

Second, you must use all of the net proceeds (the net sale minus all mortgage relief) in the next purchase or purchases.You can purchase less than you sell and you can take cash out but the IRS views both as taking profit and you will be taxed on that amount while the rest of your profit is sheltered in the 1031.And don't forget you must use a qualified intermediary to process the 1031. 

I'm sure it's a huge relief.

Right now, he's only got 1.5 years so if he sold today, there would be partial relief of the gains. 

In NYC, I found out that there are four exemption categories as follows: School Tax Relief (STAR) Basic STAR, Enhanced STAR, Senior Citizen Homeowners Exemptions (SCHE), and Disabled Homeowners Exemptions (DHE). 

All the proceeds have gone to all the debt I’ve accrued, the home I lost during recent storms and Maria relief...

I'd put way more faith in the population flow from Californians seeking relief from the high cost of living than in the stadium.  

So the IRS does provide us some relief in that aspect.