This funding, provided through the Federal Emergency Management Agency's (FEMA) hazard mitigation assistance grants, aims to offer long-term solutions for residents plagued by ongoing land movement, which has significantly escalated in recent months.

The grant will enable the city to buy out up to 20 property owners in the most severely affected areas. These properties, many suffering substantial damage and facing indefinite utility shutoffs, will be converted into open spaces to lower future risk. Participation in the buyout program is voluntary, and homeowners will receive offers equating to 75% of their property's predisaster market value.

"This buyout program offers a pathway forward for our most vulnerable residents, giving them the chance to rebuild with meaningful compensation," stated Rancho Palos Verdes Mayor John Cruikshank. He acknowledged the severe losses faced by residents due to the landslides, which have led to significant property damage and utility disruptions.

Rancho Palos Verdes has also allocated $10,000 grants to help residents dealing with damage and utility loss. The move follows months of residents' pleas for state and federal assistance as escalating land movement damaged homes, required constant roadway repairs, and forced utility providers to withdraw services.

One resident, Mike Hong, who built his home in Portuguese Bend in 2014, expressed hope that the buyout would be available to him. "What they're offering is a lifesaver," said Hong, although he is cautious about the offer's sum. He estimated his home was worth around $3.6 million two years ago.

The buyout announcement coincides with encouraging news that land movement has decelerated by up to 80% in some areas, thanks to deep dewatering wells installed by the city. These wells have removed millions of gallons of groundwater, instrumental in driving the landslides.

Despite the promising developments, not all residents are eager to leave. Sallie Reeves, who has lived in Portuguese Bend since 1982, and Marianne Hunter, who has seen relatively less damage to her home, both intend to stay. They and other residents emphasized their emotional and financial investments in the community.

City officials reassured that the buyout program would not impact ongoing mitigation efforts. Prioritization for the buyout will be given to red- or yellow-tagged homes deemed unsafe or unlivable, followed by significantly damaged properties. The value offered will be based on the property's fair market value as of December 1, 2022.

Rancho Palos Verdes’ ongoing efforts include the installation of 10 new dewatering wells and the approval of more than $13 million for infrastructure preparations ahead of the rainy season. The city remains committed to stabilizing the area and ensuring the safety of its residents.