Managed Retreat in the Face of Climate Change: Examining Factors Influencing Buyouts of Floodplain Properties
Publication: Natural Hazards Review
Volume 23, Issue 1
Abstract
Managed retreat from hazardous areas is a long-term strategy for mitigating natural disaster risks and adapting to climate change. In the United States, managed retreat is often sponsored by governments through acquiring properties in the aftermath of a major disaster event. This study empirically examined the institutional factors that influence government buyouts of floodplain properties across US counties, with a particular focus on local fiscal conditions and existing flood management practices. The empirical analysis drew on a nationwide panel data set of buyout projects funded through the federal Hazard Mitigation Grant Program over the period 1990–2016. Using a double-hurdle model, the authors found that counties with more property tax revenues and a lower fiscal reliance on property taxes have more postflood buyouts. Results also indicate a negative impact of flood insurance take-up rates and levee protection on a county’s buyouts of flood-prone properties. These findings shed new light on the challenges for government buyouts and possible conflicts among different policy instruments in flood risk management.
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Data Availability Statement
All data, models, or code that support the findings of this study are available from the corresponding author upon reasonable request.
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Published In
Natural Hazards Review
Volume 23 • Issue 1 • February 2022
Copyright
© 2021 American Society of Civil Engineers.
History
Received: Mar 22, 2021
Accepted: Sep 19, 2021
Published online: Dec 14, 2021
Published in print: Feb 1, 2022
Discussion open until: May 14, 2022
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