LA real estate agent reveals No. 1 reason why Pacific Palisades residents won’t return
Former “Million Dollar Listing” star and Los Angeles real estate agent Josh Altman provides an update on wildfire recovery and recovery efforts and previews President Donald Trump’s visit to the disaster sites.
After making a shocking prediction that Up to 70% of Pacific Palisades residents won’t be coming back to rebuild and live in their homes, former “Million Dollar Listing” real estate agent Josh Altman explains exactly why.
“They’re not going to come back because they don’t want to come back. They’re not going to come back because it’s simple math,” Altman said Friday on “FOX Business Live.”
“I don’t believe they’re going to be able to afford to rebuild with most people being severely underinsured, with construction, lumber, steel costs. We’re talking $1,000s.” [per] foot building in Palisades and Malibu.”
Southern California has been battling wildfires since January 7. More than 50,000 acres have burned, 28 people have died and more than 16,000 homes and buildings have been completely destroyed.
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president Donald Trump A national emergency was declared on Friday after residents who were personally affected by the disaster toured the devastation of Los Angeles.
Former “Million Dollar List” star Josh Altman claimed on “FOX Business Live” that up to 70% of Pacific Palisades residents will not return to their homes because of high insurance and building costs. (FOX Business)
According to preliminary estimates by AccuWeather and JPMorgan, the total financial loss from wildfires is $50 billion. several insurance companies either fled, stopped writing new policies or cut coverage in the Golden State.
“And that’s on top of a construction crew showing up on your site when there’s 16,000 buildings burned down between homes, schools, commercial space,” Altman expanded. “I don’t know that with insurance will be able to do it.”
Newsom has signed an aid package that will see the state spend $2.5 billion to help with wildfire recovery. makes home building in California.
New York real estate agents Dolly and Jenny Lentz discuss the Los Angeles wildfires and their impact on the local housing market on FOX Business Live.
“The recipe for success will be cutting red tape. Building a house in California, a process that is simply wrapped in red tape, is absolutely impossible. it’s a year to get permits, you have a coastal commission that could be another two years, it’s time for the governor to start cutting red tape,” he said.
“There were a lot of decisions and a lot of things at the state and local level that needed to be eliminated. The mansion tax was the worst tax ever,” Altman continued. “Get rid of it for all the people who lost their homes : Wildlife legislation, get rid of it. Start cutting red tape. That’s how we get back to existence. [a] strong Los Angeles”.
A real estate expert, speaking ahead of the president’s visit, said he hoped Trump seeing the devastation with his own eyes would lead to more federal aid and assistance.
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The founder of Oppenheim Group and lead broker Selling Sunset talks to Fox News Digital about how he’s speaking out against landlords taking advantage of rising prices due to California’s devastating wildfires.
“You’ve got to see it. I’ve walked the Palisades. It’s a lot worse than you could ever imagine. Hopefully it will open up funding at the federal level.”
Critical fire conditions have decreased throughout the regionSeparate rains are expected on Friday and during the weekend. Beneficial rain will peak in coverage Sunday, but could cause mudslides in burn scar areas.
Fox News’ Stephenie Price and FOX Weather’s Chris Oberholz contributed to this report.
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