Racial Gaps in Federal Flood Buyout Compensations

K. Jowers, Lala Ma, C. Timmins
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引用次数: 1

Abstract

In a managed retreat, or “buyout,” program, homeowners are offered their property's fair-market value to relocate from a flood-prone area. Using a nationwide sample of federal buyout acquisitions and the universe of US housing transactions over the last two decades, we estimate whether the discount in buyout price compensation, calculated using a hedonic prediction model, depends on a homeowner's race. We provide the first systematic evidence of inequitable compensation in a federal buyout program using nationwide administrative data. Disproportionate compensation, in an attempt to adapt to a warming climate, may further widen the wealth and social mobility gaps.
联邦洪水买断赔偿中的种族差异
在一项管理撤退或“买断”计划中,房主可以获得其财产的公平市场价值,从洪水易发地区搬迁。我们利用过去20年美国全国范围内的联邦买断收购和住房交易样本,估计买断价格补偿的折扣(使用享乐预测模型计算)是否取决于房主的种族。我们利用全国范围内的行政数据提供了联邦买断计划中不公平薪酬的第一个系统证据。为了适应气候变暖而采取的不成比例的补偿措施,可能会进一步扩大财富和社会流动性的差距。
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