More than 54 million federal taxpayer dollars will be spent buying homes in Rancho Palos Verdes — homes that will ultimately be demolished.
FEMA has approved the funding to purchase 27 properties devastated by the ongoing Portuguese Bend landslide. Former Mayor John Cruikshank tells onLAca.com, “I am grateful for FEMA and President Trump for providing much needed assistance to our residents. This buyout will help get people back on their feet. We hope that eventually all affected residents can get similar relief.”
Some homes have been red-tagged, others have lost utilities, and many are simply too dangerous to occupy. The buyouts will be voluntary, with homeowners offered their property’s fair market value before the disaster. However, sellers will receive only 75 percent of that value under the program’s funding arrangement.
But here’s the problem: 85 property owners applied for assistance, and only 27 have been selected. The city hopes to secure another 19 million dollars to buy approximately eight more homes. And don’t expect immediate relief.
Officials say purchases could begin in the coming months, but buying the properties and demolishing the homes could take several years.
Once demolished, the land will remain permanently designated as open space. Rancho Palos Verdes sits atop the Palos Verdes Peninsula over looking the Pacific Ocean.
For families who invested their life savings in these homes, the land is still moving — and the clock is still ticking.
