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Racial Gaps in Federal Flood Buyout Compensations

Author

Listed:
  • Kay Jowers
  • Lala Ma
  • Christopher D. Timmins

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.

Suggested Citation

  • Kay Jowers & Lala Ma & Christopher D. Timmins, 2023. "Racial Gaps in Federal Flood Buyout Compensations," AEA Papers and Proceedings, American Economic Association, vol. 113, pages 451-455, May.
    • Handle: RePEc:aea:apandp:v:113:y:2023:p:451-55
    DOI: 10.1257/pandp.20231131
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    Cited by:

    1. Ivan Rudik & Derek Lemoine & Antonia Marcheva, 2024. "Equity and Efficiency in the Bipartisan Infrastructure Law’s Adaptation Investments," NBER Chapters, in: Environmental and Energy Policy and the Economy, volume 6, National Bureau of Economic Research, Inc.

    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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