L
os Angeles real estate's biggest names are rallying behind fire rebuilding efforts, driven by a desire to protect the fabric of communities where they live and do business. The Agency's Jon Grauman hosted a gathering of roughly 30 industry leaders at a Hollywood Hills residence, where they discussed the city's Wildlife Ordinance and its impact on rebuilding.
The ordinance, which proposed restrictions on building in the Santa Monica Mountains, has been put on hold due to the recent wildfires. Industry leaders see this as an opportunity to mobilize and advocate for their interests. "The momentum from the Wildlife Ordinance has galvanized the real estate industry," said Crest Real Estate's Jason Somers.
A letter penned by The Agency's Ben Belack and Oppenheim Group's Jason Oppenheim called out potential hurdles to rebuilding, including the California Fair Access to Insurance Requirements Plan, permitting processes, and Measure ULA. Many of their requests have been addressed or are being discussed.
The group also focused on understanding the law surrounding price gouging in emergency situations. Agents were buzzing about a recent case where a landlord was charged with boosting prices by over 10 percent post-fire. The rule is nuanced, with different pricing restrictions for homes listed within the last 12 months versus those that haven't been listed.
On the development side, agents are learning more about rebuilding neighborhoods quickly. Somers pointed to separate staffing in Los Angeles' Department of Building and Safety focused on fire rebuilding, which aims to expedite the permitting process. Agents are advising clients to file plans with the city before a potential flood hits and overwhelms city staffing.
Some agents are exploring ways to rebuild faster by tapping into economies of scale. Oppenheim has a client looking to band together with neighbors to achieve this goal. Others, like Christie's International Real Estate Southern California's Cindy Ambuehl, raised concerns about zoning changes that could lead to higher-density projects.
The consensus among the group is that developers or new residents will need to respect the history of the communities they're entering. As Oppenheim said, "The Alphabet Streets are going to be built back better and stronger and more beautiful than ever before."
