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tax money spent
They did the same thing in Grand Forks, ND after the big flood. But the government kept the land and turned it into a nice public park. I look at it this way, the flood insurance program is run by the government. Granted, they take in money from the insurance payments, but a big flood easily overcomes that. So the tax payer gets stuck for the repairs. So if tax dollars go to remove people from a flood prone area, then in the long run, we might be saving money by buying them out.
I haven't done a cost analysis, but I know it sounds logical to some people. I don't understand buying a home in an area known to flood. Just down the road from me is a place that is in a spot of land next to a creek that floods every spring. They tore down teh shack that was on the place and built a really nice looking house. In spring, the creek flooded again. House was built up so it didn't flood, but they couldn't cross the driveway and the shop was under 4 feet of water. So the shop is worthless. They put it up for sale, but recently took it off the market. No buyers. Wonder why...
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tax money spent
I can see your point about the extra $25K. I'd be sitting with the grant money waiting for homes to come on the market. Then I'd make a fair offer and buy them up. Heck, if the asking price is fair market value, then pay them. I can see offering to sweeten the pot for those that don't want to sell. But maybe they can come up with a designation for the area that removes them from eligability for flood insurance. So if they flood again, they lose everything. Hence, an incentive to sell at fair market value.
The place near me is on a pretty 5 acres of land. All low land. They dug out a pond in the back, but never lined it with clay so it's water level is below the river. The yard is mostly weeds and still has junk piles in it. Nice looking house though. Their asking price was over $300k. Way to much for 5 acres with a bad pond, a worthless shop in a flood plain, and a house that still needed to be finished. The sales listing tried to put a positive spin on it by saying you had the chance to pick out your own carpet color and tile color. Yeah, that's home I want to buy.
I don't always understand it. But when you get burocrats and politicians together... you know someone is gonna get screwed and it ain't them.
Winnipeg has a neat system around their city for diverting the Red River during flooding. Keeps most of the water out of the city by flooding drainage ditches and low lying areas around the city. Makes nice storage areas.
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