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2025-01-27 Economy
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Real estate star gives grim prediction for the future of LA as he reveals why homeowners will NEVER return after fires
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[Daily Mail, where America gets its news] A Los Angeles realtor believes a staggering 70 percent of Pacific Palisades residents may never return to rebuild their homes.
The Southern California community was left devastated by unprecedented wildfires, which have scorched more than 50,000 acres, claimed 28 lives, and destroyed more than 16,000 structures since January 7.
Despite pledges to rebuild, former Million Dollar Listing real estate agent Josh Altman believes it to be easier said than done and painted a devastating reality for many former homeowners with particularly grim challenges ahead.
'They're not staying away because they don't want to return,' Altman told Fox Business. 'Of course they want to go back there. They're not going to return because it's simple math. I don't believe they're going to be able to afford to rebuild.'
Altman is known for brokering high-end real estate deals across Los Angeles, outlined a daunting economic landscape.
'We're talking about $1,000 per square foot to build in places like the Palisades and Malibu. With most people heavily underinsured and construction costs skyrocketing - lumber, steel, everything - it's just not feasible for many,' he said.
Altman's grim prediction is compounded by the logistical nightmare of rebuilding amidst an area that looks more like a war zone full of burned out buildings, ash coating the area and toxic chemicals everywhere.
'Getting a construction crew to show up at your site is going to be nearly impossible when 16,000 structures - homes, schools, commercial buildings - have been destroyed.
'It's a disaster. Even with insurance, I don't know if they'll be able to do it.'
Southern California has been battling relentless wildfires since early January, with flames engulfing entire communities and leaving destruction in their wake.
As fire conditions eased slightly on Friday, the region braced for isolated pockets of rain over the weekend.
While the much-needed precipitation could aid in controlling lingering hotspots, it also poses a new threat: mudslides in burn-scarred areas.
In response to the massive fires, President Donald Trump declared a national emergency after touring the hardest-hit areas on Friday, including Pacific Palisades and Malibu.
Accompanied by residents who had lost everything, Trump witnessed firsthand the immense scale of the catastrophe.
Early estimates peg the financial toll at around $50 billion, a figure that far surpasses previous disasters in the region.
The situation has been further exacerbated by a shrinking insurance market in California, with major providers pulling out, reducing coverage, or refusing to write new policies altogether.
California Governor Gavin Newsom has approved a $2.5 billion relief package aimed at wildfire recovery, but Altman believes that funding alone will not be enough to overcome the hurdles of rebuilding.
The state of California has a notoriously slow and bureaucratic construction process.
'The recipe for success is cutting the red tape,' Altman suggested. 'Building a house in California is wrapped in so much bureaucracy. It can take a year just to get permits, and if you're near the coast, the Coastal Commission could add another two years.
'It's time for the governor to step up and start removing these roadblocks. We need to move forward as a team.'
Altman also suggested that specific regulations and taxes should be repealed such as the mansion tax and wildlife ordinances.
'Get rid of it for all the people who lost their houses,' he said. 'That's how we'll get back to being a strong Los Angeles.'
Altman also shared his take having toured the fire-ravaged communities himself.
'You have to see it to believe it,' he said. 'I've walked the Palisades and Malibu. It's way worse in person than you could ever imagine. Hopefully, seeing this devastation firsthand will open up more funding on the federal level.' 
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Posted by Skidmark 2025-01-27 00:00||
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Posted by Grom the Affective 2025-01-27 03:22||
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Posted by Procopius2k 2025-01-27 07:21||
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Posted by Skidmark 2025-01-27 11:01||
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Posted by mossomo 2025-01-27 12:43||
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Posted by magpie 2025-01-27 12:45||
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07:07 Procopius2k
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06:28 NN2N1
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