R
eal estate expert Josh Altman predicts that up to 70% of Pacific Palisades residents won't return to rebuild and live in their homes due to financial constraints. According to Altman, it's not a matter of people wanting to stay or go, but rather simple math. The costs of construction, lumber, and steel are too high, with building prices reaching $1,000 per foot in the Palisades and Malibu.

    The recent wildfires have left over 16,000 homes and buildings destroyed, with estimated losses totaling $50 billion. Insurance companies have either fled or reduced coverage in California, making it difficult for residents to rebuild. Altman believes that even with insurance, many people won't be able to afford to rebuild due to the high costs.

    Altman is calling on Governor Newsom to remove bureaucratic roadblocks that make building homes in California timely and costly. He suggests cutting red tape, eliminating ordinances like the mansion tax, and streamlining the permitting process. This would help residents get back on their feet more quickly.

    Altman hopes that President Trump's visit to the devastated areas will lead to increased federal aid and assistance. He believes that seeing the destruction firsthand will open up funding opportunities for those affected by the wildfires.