> the next person who buys it
If they can’t build on it, who would buy it? Urban farmers?
In any case, your plan would destroy the land value, and the corresponding property tax revenue.
If they can’t build on it, who would buy it? Urban farmers?
In any case, your plan would destroy the land value, and the corresponding property tax revenue.
Sounds like the market effectively discovered the true value of the property with all externalities priced in. I don’t see a problem here?
On the downside, when the next disaster hit and FEMA didn't cover it, it would look like FEMA doesn't want to cover low income housing, which isn't a good look.
But there does need to be some mechanism to convince people to abandon homes and towns that are not appropriate given environmental conditions. And it needs to be done carefully so it's not like kick all the poor people out, do some civil engineering that never happened while it was a poor community, then sell the land to developers who make a huge profit.