Finance Minister Grant Robertson expects a buyback of homes under threat of flooding could cost up to $1 billion, although only some of that cost would be met by the Government. Ballpark figuresEarly estimates are for roughly 700 Category 3 properties to be eligible for the buyout, with a further 10,000 homes in Category 2. If the billion buyout estimate was spread between these 700 homes, each would get $1.4 million. “Finance Minister Grant Robertson has admitted the criteria for valuing properties under the buy-out scheme has not been worked out,” he said. The buyout scheme will be voluntary, which means homeowners will be able to choose to stay in their damaged homes — at least in theory.

Source: The Guardian June 01, 2023 11:23 UTC