Abstract
Rising flood damages have prompted local communities to implement buyout and property acquisition programmes to eliminate repetitive losses for at-risk properties. However, buyouts are often costly to implement and are reactionary solutions to flooding. This study quantifies the benefits of acquiring vacant private properties in flood-prone areas rather than acquiring such properties after they are built up. Using a geodesign framework that integrates concepts and analytical approaches derived from geographical, spatial and statistical-based disciplines, we analyse vacant properties with high development potential that intersect current and future floodplain areas in Houston (TX, USA). We use geospatial proximity analysis to select candidate properties, land-use prediction modelling to estimate future development and sea-level rise and benefit-cost analysis to assess the economic viability of buyouts. The results indicate that cumulative avoided flood losses exceed the cost of vacant land acquisition by a factor of nearly two to one, and up to a factor of ten to one in selected areas. This study emphasizes the benefits of proactive property buyouts that focus on acquiring parcels before they are built up, while also avoiding the social and institutional problems associated with traditional buyout programmes.
Highlights
Following the catastrophic impact of large storms, purchasing chronically damaged properties and restoring them to open spaces continues to gain popularity as a flood mitigation strategy in the USA (Zavar 2015)
Most buyout programmes are initiated in a reactionary manner, which leads to several problems
Many property owners are emotionally attached to their homes and reluctant to leave, even under dire circumstances; the perception of the government taking over private property often makes homeowners less willing to participate in voluntary buyout programmes (Maldonado et al 2013, Marino 2018)
Summary
Following the catastrophic impact of large storms, purchasing chronically damaged properties and restoring them to open spaces continues to gain popularity as a flood mitigation strategy in the USA (Zavar 2015) This is usually referred to as a buyout, and it traditionally involves local governments’ purchase of buildings in flood-prone areas that have been repeatedly flooded and restoring them to vacant open spaces. Many property owners are emotionally attached to their homes and reluctant to leave, even under dire circumstances; the perception of the government taking over private property often makes homeowners less willing to participate in voluntary buyout programmes (Maldonado et al 2013, Marino 2018) These limitations make purchasing properties with existing development more problematic compared to buying out vacant land or promoting policies that prevent development in high-risk locations
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