Differences between buyouts and acquisitions

There is generally a lot of confusion between buyouts and acquisitions for redevelopment. New York City’s Build it Back Program offered owners, with a property affected by Sandy, the opportunity to sell their homes to the state. The property could then be redeveloped by the state, or sold to a third party for redevelopment. Buyouts are also designed to purchase properties from owners with damaged homes, but instead the land is transformed into open spaces and wetlands, which creates an environmental buffer against future storms.

After our community was hit by Hurricane Isaac and Irene, in previous years, Hurricane Sandy was our last straw. Families had just finished rebuilding their homes after the ravishing effects from the last storm, to find their house destroyed again years later. Our hope was that other families, and homeowners would not have to go through this again. It was clear that the land had to be returned back to nature, where it belonged, and that is what the Oakwood Beach Buyouts accomplished.