K
irk notes that some landlords may choose to wait until they can lease their properties for more than the 10% cap imposed by Newsom, rather than renting them out immediately. As a result, many homes in LA remain vacant despite thousands of people being displaced by the fires.

    This has led Kirk to comment on the flaws in LA's housing system, which prioritizes profit over providing affordable housing. "We need to get hard on vacancy control," he says. "We're understanding that this housing system we've built up in the aftermath of World War II is failing us."

    Meanwhile, some of LA's wealthiest residents are taking advantage of the situation by buying up properties at inflated prices. A house in Cheviot Hills sold for $6 million, nearly double its original price, while another property received five offers above the asking price.

    In areas like Altadena and the Palisades, which were once considered idyllic communities, some residents are being priced out of their homes due to the high cost of rebuilding. Nancy McSween, a real estate agent who has lived in Altadena since 1978, notes that some people have lost their fire insurance or had it lapse after paying off their mortgages.

    The state's Fair Access to Insurance Requirements (FAIR) plan is providing modest coverage to high-risk homes, but with an estimated $28-35 billion in property damage from the fires, many residents may not have enough money to rebuild. One screenwriter who lost his home in Malibu and then had his new home in the Palisades burn down says he feels defeated by the situation.

    As fire victims struggle to find affordable housing options, some real estate agents are warning that they may be making big decisions while still in shock. "The heartbreak is that it's really hard to find like-for-like," says Wilder. "Clients tell me what they want and I say, 'You lived in utopia. I can't find that.'"