An LA real estate agent reveals the #1 reason Pacific Palisades residents don’t want to move back
Former ‘Million Dollar Listing’ star and Los Angeles real estate agent Josh Altman gives an update on wildfire recovery and rebuilding efforts and previews President Donald Trump’s visit to disaster sites.
After making a shocking prediction which up to 70% of Pacific Palisades residents won’t pay back to renovate and live in their homes, former “Million Dollar Listing” real estate agent Josh Altman explains exactly why.
“They’re not going to not come back because they don’t want to come back. Of course they want to go back there … They’re not going to come back because it’s simple math,” Altman said Friday on “FOX Business Live.”
“I don’t think they’re going to be able to afford to rebuild with most people being severely underinsured, with the cost of construction, lumber, steel. We’re talking $1,000 [per] building legs in the Palisades and Malibu.”
Southern California has been battling a wave of wildfires since January 7. More than 50,000 hectares were burned, 28 people died, and more than 16,000 homes and buildings were completely lost.
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President Donald Trump declared a state of emergency on Friday after touring the devastation in Los Angeles with residents personally affected by the catastrophic event.
Former “Million Dollar Listing” star Josh Altman claims the main reason up to 70% of Pacific Palisades residents won’t return to their homes is expensive insurance and building costs, on “FOX Business Live.” (FOXBusiness)
Initial estimates put the total financial loss from wildfires at $50 billion, according to AccuWeather and JPMorgan. Leading to a fire, several insurance companies either fled, stopped writing new policies or dropped coverage in the Golden State.
“And that’s on top of getting a construction crew to come to your site when there are 16,000 structures that are burned between homes, schools, businesses. It’s a disaster,” Altman said. – That’s what I’m saying, I don’t know if they will be able to do it with insurance.
Newsom signed an aid package that will see the state spend $2.5 billion to help with wildfire recovery. But Altman wants Newsom to take his response a step further by removing the bureaucratic hurdles that make building homes in California timely and expensive.
New York real estate agents Dolly and Jenny Lenz discuss the wildfires in Los Angeles and the impact they will have on the local real estate market on ‘FOX Business Live.’
“The recipe for success will be cutting red tape. Building a house, the process in California, which is just wrapped in red tape, is absolutely impossible: a year to get permits; you have the Coastal Commission, which could take another two years, it’s time for the governor to start cut red tape. We need to move forward as a team,” he said.
“There were a lot of ordinances and a lot of things at the state and local level that had to go. The castle tax, that was the worst tax ever passed,” Altman continued. “Get rid of it for all the people who lost their homes. The wildlife ordinance, get rid of it. Start cutting red tape. That’s how we’ll go back to the way it was [a] strong Los Angeles.”
The real estate expert, speaking ahead of the president’s visit, hoped Trump seeing the devastation with his own eyes would lead to more federal aid and assistance.
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Oppenheim Group founder and ‘Selling Sunset’ lead broker talks to Fox News Digital about speaking out against landlords taking advantage of price gouging amid California’s devastating wildfires.
“You have to see it. I’ve walked the Palisades, I’ve walked Malibu. Personally, it’s a lot worse than you can imagine. I hope it opens up federal funding.”
Critical fires have decreased throughout the regionFriday, with isolated pockets of rain expected through the weekend. Beneficial rain will peak coverage on Sunday, but could trigger landslides in burn-scarred areas.
Fox News’ Stepheny Price and FOX Weather’s Chris Oberholtz contributed to this report.
