Former “Million Dollar Listing” star and Los Angeles real estate agent Josh Altman provides an update on wildfire recovery and rebuilding 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 I won’t go back to rebuilding and living in their homes, former “Million Dollar” real estate agent Josh Altman explains exactly why.
“They’re not going to come back because they don’t want to come back. Of course they want to go back … they’re not going to come back because it’s simple math,” Altman said on “Fox Business Live” Friday .
“I don’t believe they’re going to afford to rebuild with most people being heavily underinsured, with the costs of construction, lumber, steel. We’re talking about a $1,000 [per] Building feet in the Palisades and Malibu. “
Southern California has been battling a wave of wildfires since January 7. More than 50,000 acres were burned, 28 people were killed, and more than 16,000 homes and buildings were completely lost.
President Donald Trump Declared a national emergency Friday after touring the devastation in Los Angeles with residents who were personally affected by the disastrous event.
Former “Million Dollar Listing” star Josh Altman contends the main reason up to 70 percent of Pacific Palisades residents won’t return home is because of expensive insurance costs and buildings, on “Fox Business Live.” (Foxbusiness)
Early estimates put the total financial loss from the wildfires in the $50 billion range, according to Accuweather and JPMorgan. Leading to fires, Several insurance companies Either ran away, stopped writing policy news or reduced coverage in the Golden State.
“And that’s on top of bringing a construction crew to show up on your site when there are 16,000 structures that have been burned between homes, schools, commercial spaces. It’s a disaster,” he said. Altman. “That’s what I’m saying, I don’t know they’ll be able to do it with the insurance.”
Newsom signed a relief package where the state will spend $2.5 billion to help with wildfire recovery. But Altman wants Newsom to take his response further by removing the bureaucratic roadblocks that make building homes in California timely and costly.
New York real estate agents Dolly and Jenny Lenz discuss the Los Angeles wildfires and the impact it will have on the local housing market on “Fox Business Live.”
“The recipe for success is going to cut through the red tape. Building a house, the process in California, which has just been wrapped up in red tape, is absolutely impossible: a year to get permits; you have the coastal commission, which could be another two years.
“There have been a lot of ordinances and a lot of things at the state and local level that need to go. The mansion tax, it was the worst tax that has ever been passed,” Altman continued. “Get rid of it for all the people that lost their homes. The wildlife ordinance, get rid of it. Start cutting the red tape. That’s how we’re going to start being [a] Strong Los Angeles. “
The real estate expert, who spoke before the president’s visit, hoped Trump seeing the devastation with his own eyes would lead to federal aid and assistance.
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The Oppenheim Group Founder and Principal Broker of the Oppenheim Group speaks to Fox News Digital about how he’s speaking out against homeowners taking advantage of prices amid California’s devastating wildfires.
“You have to see it. I’ve walked the Palisades, I’ve walked Malibu. It’s way worse in person than you could ever imagine. I hope this opens up funding at the federal level.”
Critical fire conditions have declined Throughout the regionFriday, with isolated pockets of rain expected this weekend. The beneficial rain will reach peak coverage on Sunday, but could trigger mudslides in burn-scar areas.
Stepheny Price of Fox News and Chris Oberholtz of Fox Weather contributed to this report.
