The Center for American Progress, a progressive think tank, says we should buy out flood-prone properties threatened by climate change. That would save money in the long run by avoiding big taxpayer-funded insurance claims, as well as providing buffer areas to protect cities from future floods, establishing new recreational areas and enhancing wildlife habitat, the center concludes in a recent report.
FEMA has spent more than $2 billion buying out 37,707 properties across the U.S. over the past 20 years, the center says.
“Yet the scale of liabilities growing along our nation’s costs dwarfs those figures,” its report says, adding that $24 billion in losses have been paid to National Flood Insurance Program policyholders since 1978.
Could buyouts be in Stockton’s future if neighborhoods continue to be thrust into high-risk flood zones?