Buying and Renting Out Homes Doomed to Be Submerged

08/09/23

“How can we buy and rent out homes doomed to be submerged?”

Some homes are doomed to become submerged with the advent of sea-level rise. Property owners of these sites find it hard to leave as few people want to purchase an ill-fated asset with sky-high insurance premiums. However, California State Senator Ben Allen has an idea. Communities can use loans to purchase the homes from the owners, rent them out, and use the funds generated to pay off the loan before rising tides consume the property. Buying and Renting Out Homes Doomed to Be Submerged might seem radical, but it could prove a useful tool in combatting climate bankruptcies.