We would not "deprive" them of their property. We're just wouldn't pay to rebuild it or protect their location with flood control. They want to rebuild and put in flood control - fine.
Well, I don't know who you mean by "we." Since you don't live there I assume by "we" you mean the American taxpayers.
The point of the Baker Plan isn't about rebuilding in flood zones, per se. It's about what to do with all the destroyed property.
Baker's professional life was spent in the mortgage industry. He's thinking about all the mortgage companies that are going to be stuck with non-performing mortgages and properties they can't sell.
As I keep explaining to people, in case you don't know, the American taxpayer guarantees FHA and VA loans, through Fannie Mae and Freddie Mac.
So, his point is that we can pay 60 cents on the dollar now, buy up these properties and decide what to do with them in an orderly way, or pay 100 cents on the dollar plus legal fees later.