E&E News: “Home Buyouts Raise NY Property Values after Historic Flooding”
Research led by RFF Fellow Yanjun (Penny) Liao on recovery efforts post-Hurricane Sandy is discussed and contextualized in this story.
“Researchers with Resources for the Future, an economic think tank focused on environmental policies, took the unusual step of analyzing local property values and business development following the purchase of 1,300 homes by the NY Rising Buyout and Acquisition Program after Hurricane Sandy devastated parts of the East Coast in 2012. The program generated nearly $5 billion in benefits through higher property values, job creation and enhanced resilience, the researchers found...
‘This kind of program is an effective disaster recovery program,’ said Penny Liao, a coauthor and economist at Resources for the Future. ‘A lot of times local communities are wary of these programs. But in general we find these programs do create positive economic impacts.’”
Press Release — Dec 15, 2023
After Hurricane Sandy, New York State’s Buyout and Acquisition Program Spurred Economic Recovery
A new paper finds that, following Hurricane Sandy, New York State’s NY Rising Buyout and Acquisition Program had its intended effect.
Common Resources — Dec 15, 2023
Boosting Recovery and Resilience in New York State after Hurricane Sandy
A program in New York State aimed to help areas impacted by Hurricane Sandy recover and become resilient against future disasters—and yielded local economic benefits.
Working Paper — Dec 15, 2023
Managed Retreat and Flood Recovery: The Local Economic Impacts of a Buyout and Acquisition Program
This working paper evaluates the property- and neighborhood-level impacts of a buyout and acquisition program in New York State following Hurricane Sandy.