Whether your basement has several inches of water in it or just a slight trickle, the drywall will soak it right up. Drywall is made up of paper, so it will allow mold to grow very quickly. The smell that most people associate with an old basement is mold growing on drywall or furniture or wood. When it gets this bad the only choice is to cut it out and trash it. It could've been avoided if a proper waterproofing system was installed earlier.
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