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Buyouts with rentbacks: a policy proposal for managing coastal retreat

Author

Listed:
  • Andrew G. Keeler

    (East Carolina University)

  • Megan Mullin

    (Nicholas School of the Environment, Duke University)

  • Dylan E. McNamara

    (University of North Carolina-Wilmington)

  • Martin D. Smith

    (Nicholas School of the Environment, Duke University)

Abstract

The discussion of adaptation to climate change in coastal areas has focused on short-term risk reduction and climate-proofing, but there is growing recognition that—at some point in the future—relocation to less vulnerable geographical areas will become necessary for large numbers of residents in many coastal communities. Spontaneous relocations that occur after catastrophic events can entail high costs, both for those who resettle elsewhere and for the remaining community. Managed retreat attempts to reduce such costs, thereby facilitating the relocation process. Property buyouts, the most prominently discussed policy tool for managed retreat, present significant challenges in terms of equity, timing, finance, and scale. We discuss innovation in buyout policy that allows residents to remain in their homes as renters after being bought out. We develop the basic structure of such a policy and show the pathways through which it can help to finance buyouts, harmonize public and private decision-making, and manage the timing of community transition. We also recommend funding mechanisms and other details to overcome the substantial barriers to implementation. Although buyouts with rentbacks will require institutional innovation in order to serve as an effective policy framework, the policy has the potential to improve social, economic, and environmental outcomes from the eventual unfortunate but necessary migration away from coastal areas.

Suggested Citation

  • Andrew G. Keeler & Megan Mullin & Dylan E. McNamara & Martin D. Smith, 2022. "Buyouts with rentbacks: a policy proposal for managing coastal retreat," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 12(3), pages 646-651, September.
  • Handle: RePEc:spr:jenvss:v:12:y:2022:i:3:d:10.1007_s13412-022-00762-0
    DOI: 10.1007/s13412-022-00762-0
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    References listed on IDEAS

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    1. Dylan E. McNamara & Andrew Keeler, 2013. "A coupled physical and economic model of the response of coastal real estate to climate risk," Nature Climate Change, Nature, vol. 3(6), pages 559-562, June.
    2. Leah A. Dundon & Janey S. Camp, 2021. "Climate justice and home-buyout programs: renters as a forgotten population in managed retreat actions," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 11(3), pages 420-433, September.
    3. A. R. Siders & Idowu Ajibade, 2021. "Introduction: Managed retreat and environmental justice in a changing climate," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 11(3), pages 287-293, September.
    4. Megan Mullin & Martin D. Smith & Dylan E. McNamara, 2019. "Paying to save the beach: effects of local finance decisions on coastal management," Climatic Change, Springer, vol. 152(2), pages 275-289, January.
    5. Sierra C Woodruff & Megan Mullin & Malini Roy, 2020. "Is coastal adaptation a public good? The financing implications of good characteristics in coastal adaptation," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 63(12), pages 2082-2101, October.
    6. Sherri Brokopp Binder & Alex Greer, 2016. "The Devil Is in the Details: Linking Home Buyout Policy, Practice, and Experience After Hurricane Sandy," Politics and Governance, Cogitatio Press, vol. 4(4), pages 97-106.
    7. Miyuki Hino & Christopher B. Field & Katharine J. Mach, 2017. "Managed retreat as a response to natural hazard risk," Nature Climate Change, Nature, vol. 7(5), pages 364-370, May.
    8. Sierra C. Woodruff & Missy Stults, 2016. "Numerous strategies but limited implementation guidance in US local adaptation plans," Nature Climate Change, Nature, vol. 6(8), pages 796-802, August.
    9. T. M. Logan & S. D. Guikema & J. D. Bricker, 2018. "Hard-adaptive measures can increase vulnerability to storm surge and tsunami hazards over time," Nature Sustainability, Nature, vol. 1(9), pages 526-530, September.
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    Cited by:

    1. Dylan E. McNamara & Martin D. Smith & Zachary Williams & Sathya Gopalakrishnan & Craig E. Landry, 2024. "Policy and market forces delay real estate price declines on the US coast," Nature Communications, Nature, vol. 15(1), pages 1-16, December.
    2. Landry, Craig & Syphers, Steven & Keeler, Andrew, 2022. "Preferences for Post-storm Coastal Adaptation," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322385, Agricultural and Applied Economics Association.

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