Finance
Posted by: Prad
16th Jul 2022 02:44pm
Should the Government buy-out flood-prone properties to resolve the flooding problems?
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Comments 3
Tshering3242
Its not a complete solution. Doesn't matter, whether private or government owns. What matters is, how to reduce such disasters by intervening policies at every level: local, state, national, regional and globally.
Simultaneously, private/individuals must support interventions policies.
Bazz
The Government should initiate a large Publicly Owned Bank (just like the Old Commonwealth Bank) to fund the infrastructure needed to quickly divert flood waters &/or avoid floods altogether & maintain it each year. There are a few options for this already before Parliament. One popular idea is to expand & empower Bank@Post with a deposit-taking license. Another is to open The Commonwealth Development Bank. Yet another is to re-nationalise the CBA (ooooohhh!)
kidwithsmurf
No, the Government shouldn't buy out flood-prone properties as this doesn't resolve flooding problems. I say this because if the Government was to buy these properties out, it would be just moving the ownership from one person to the Government.
Another reason the Government shouldn't buy these out is because when someone owns a flood prone property, house, shop etc the owner should be shown the building plans, the property plans etc and be well aware before buying that where they are buying is flood prone. It is then up to the person to decide if they want to buy or not. If the average person, after seeing all the plans and knowing that what they are buying is flood prone then go ahead and buy... It is on them. It is not the Governments responsibility to feel sorry for the people who knowingly brought a flood prone place.
All this said though, if the Government/Council is to build a damn, bridge or something similar near residential properties, houses or commercial buildings which then subjects them to be flood prone after the owner of these properties had already brought them with the knowledge that they weren't flood prone at the time they purchased them... Then and only then do I think the Government should step in and offer to buy them. But only if the government is the cause of making them flood prone in the first place.
Overall yes if the person brought the place and it wasn't flood prone at the time until the Government/Council built something to cause the place to become flood prone. No if the person saw the plans, knew it was flood prone and purchased anyway.