Housing Market Slows Retreat From Rising Seas, Bigger Storms

Hot real estate markets have made some homeowners wary of participating in voluntary flood buyout programs. And that is impacting efforts to move people away from flooding from rising seas and more frequent storms. Flood buyout programs typically purchase flood-prone homes, raze them and turn the property into green space. They can help prevent flood-related deaths and health problems. Buyouts are also considered cheaper for taxpayers compared to rebuilding flooded houses with government payouts and federal flood insurance. Some cities have seen waning interest in the programs in the wake of rising home prices. People who take buyouts usually want to relocate to similar homes in the same community. But some worry that buyout dollars won’t be enough to buy the homes they want.