IDEAS home Printed from https://ideas.repec.org/a/spr/jenvss/v12y2022i3d10.1007_s13412-022-00762-0.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s13412-022-00762-0
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.

    File URL: https://libkey.io/10.1007/s13412-022-00762-0?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    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. 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.
    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    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. Linda Shi & Anjali Fisher & Rebecca M. Brenner & Amelia Greiner-Safi & Christine Shepard & Jamie Vanucchi, 2022. "Equitable buyouts? Learning from state, county, and local floodplain management programs," Climatic Change, Springer, vol. 174(3), pages 1-20, October.
    3. Mali‘o Kodis & Marci Bortman & Sarah Newkirk, 2021. "Strategic retreat for resilient and equitable climate adaptation: the roles for conservation organizations," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 11(3), pages 493-502, September.
    4. Guo, Wei & Liao, Yanjun (Penny) & Miao, Qing, 2023. "Managed Retreat and Flood Recovery: The Local Economic Impacts of a Buyout and Acquisition Program," RFF Working Paper Series 23-44, Resources for the Future.
    5. Jlenia Di Noia, 2022. "Agent-Based Models for Climate Change Adaptation in Coastal Zones. A Review," Working Papers 2022.20, Fondazione Eni Enrico Mattei.
    6. Di Noia, Jlenia, 2022. "Agent-Based Models for Climate Change Adaptation in Coastal Zones. A Review," FEEM Working Papers 322810, Fondazione Eni Enrico Mattei (FEEM).
    7. Ivan Petkov, 2023. "Public Investment in Hazard Mitigation: Effectiveness and the Role of Community Diversity," Economics of Disasters and Climate Change, Springer, vol. 7(1), pages 33-92, March.
    8. Alexandra Toimil & Iñigo J. Losada & Moisés Álvarez-Cuesta & Gonéri Cozannet, 2023. "Demonstrating the value of beaches for adaptation to future coastal flood risk," Nature Communications, Nature, vol. 14(1), pages 1-11, December.
    9. Anna Marandi & Kelly Leilani Main, 2021. "Vulnerable City, recipient city, or climate destination? Towards a typology of domestic climate migration impacts in US cities," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 11(3), pages 465-480, September.
    10. Eakin, Hallie & Keele, Svenja & Lueck, Vanessa, 2022. "Uncomfortable knowledge: Mechanisms of urban development in adaptation governance," World Development, Elsevier, vol. 159(C).
    11. Sierra Woodruff & Todd K. BenDor & Aaron L. Strong, 2018. "Fighting the inevitable: infrastructure investment and coastal community adaptation to sea level rise," System Dynamics Review, System Dynamics Society, vol. 34(1-2), pages 48-77, January.
    12. Vicki M. Bier & Yuqun Zhou & Hongru Du, 2020. "Game-theoretic modeling of pre-disaster relocation," The Engineering Economist, Taylor & Francis Journals, vol. 65(2), pages 89-113, April.
    13. 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.
    14. Liz Koslov & Alexis Merdjanoff & Elana Sulakshana & Eric Klinenberg, 2021. "When rebuilding no longer means recovery: the stress of staying put after Hurricane Sandy," Climatic Change, Springer, vol. 165(3), pages 1-21, April.
    15. Sebastian Seebauer & Claudia Winkler, 2020. "Coping strategies and trajectories of life satisfaction among households in a voluntary planned program of relocation from a flood-risk area," Climatic Change, Springer, vol. 162(4), pages 2219-2239, October.
    16. Landry, Craig E. & Shonkwiler, J. Scott & Whitehead, John C., 2020. "Economic Values of Coastal Erosion Management: Joint Estimation of Use and Existence Values with recreation demand and contingent valuation data," Journal of Environmental Economics and Management, Elsevier, vol. 103(C).
    17. Kai Greenlees & Randolph Cornelius, 2021. "The promise of panarchy in managed retreat: converging psychological perspectives and complex adaptive systems theory," Journal of Environmental Studies and Sciences, Springer;Association of Environmental Studies and Sciences, vol. 11(3), pages 503-510, September.
    18. Hashida, Yukiko & Dundas, Steven J., 2023. "The effects of a voluntary property buyout and acquisition program on coastal housing markets: Evidence from New York," Journal of Environmental Economics and Management, Elsevier, vol. 121(C).
    19. Shaieree Cottar & Brent Doberstein & Daniel Henstra & Johanna Wandel, 2021. "Evaluating property buyouts and disaster recovery assistance (Rebuild) options in Canada: A comparative analysis of Constance Bay, Ontario and Pointe Gatineau, Quebec," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 109(1), pages 201-220, October.
    20. Antje Otto & Kristine Kern & Wolfgang Haupt & Peter Eckersley & Annegret H. Thieken, 2021. "Ranking local climate policy: assessing the mitigation and adaptation activities of 104 German cities," Climatic Change, Springer, vol. 167(1), pages 1-23, July.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:jenvss:v:12:y:2022:i:3:d:10.1007_s13412-022-00762-0. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.