Buy-Out Dilemma: To Rebuild or Pull Up Stakes

Thursday, August 08, 2013

NJ Spotlight

For many homeowners and businesses recovering from Sandy, the mantra has been to rebuild stronger. But some New Jersey residents have concluded that their best option is not to rebuild at all.

After the storm, $300 million of federal aid money has been set aside to acquire groups of damaged homes in flood-prone parts of the state, through the Department of Environmental Protection’s Blue Acres program.  That includes nearly 140 homes in Sayreville, which the state is making offers to buy for their pre-storm values and demolish, likely turning the area into a park.

But those who receive such offers have to make tough decisions about whether to stay or walk away, and for everyone who receives a buyout, there are dozens more still looking for a way out.


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Comments [1]

bill wolfe from bordentown, nj

Stories continue to focus on individual decisions based on economic factors.

Individual should not face these problems alone and are not an effective solution.

This focus masks the role and responsibility of government to plan for and regulate the coastal zone and prevent development in hazardous locations.

When do we coverage of those issues?

BTW, we needed this coverage 9 months ago, BEFORE decisions were made.

Aug. 08 2013 10:13 AM

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