New Jersey is offering about $9.4 million to buy out 33 homeowners in a vulnerable part of New Jersey. Many of the homes for which the offer is extended were destroyed or severely damaged by Sandy. The article notes apparent unanimous support for the buyout by owners of the affected properties. This stems in part from acceptance by many that in light of sea-level rise, the extremely low-lying area and its chronically flooded access road are simply indefensible. In addition, homeowners are hesitant to invest the $30-80,000 cost per home of elevating homes above the new base flood elevations; if they don’t do so, their flood insurance rates would skyrocket. Just another example of how real people in real communities are beginning to confront the challenging reality that there are times and places that the best options is to relocate to a safer area.
Read the full article here.