Feds to spend $42 million buying landslide-damaged homes in Rancho Palos Verdes

The federal government plans to spend $42 million to buy out the homeowners hardest hit by the ongoing landslides in Rancho Palos Verdes, then convert their properties into lower-risk open space. This program provides one of the first long-term solutions for residents in the landslide-ravaged region, which has for decades gone through periods of increased land movement - though the scale and speed of movement in recent months has been unprecedented.

Officials project that they'll have enough money to buy out 20 property owners in the Portuguese Bend area, the majority of whom face increased property damage and indefinite utility shutoffs due to land movement. Applying for a buyout is voluntary; no one will be forced to sell their home to the city.

Homeowners can expect offers equal to 75% of their property's pre-disaster fair market value, before back-to-back winters of heavy rain set off the area's complex of ancient landslides. The city would then demolish the homes and ensure no future development.

Mayor John Cruikshank said the buyout program provides a viable pathway forward for vulnerable community members, offering an opportunity to relocate and rebuild with meaningful compensation. He noted that many residents have endured unimaginable losses, facing the prospect of losing their homes entirely.

Read at Los Angeles Times