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alifornia's recent devastating fires have left thousands displaced, with some of the most destructive blazes in state history burning over 40,000 acres in Los Angeles County. As residents seek housing, celebrity real estate experts are weighing in on how the disaster will impact the market. From price gouging to a housing shortage frenzy, here's what they've seen and predicted so far.

    The rental market is expected to skyrocket, with prices jumping due to demand. Million Dollar Listing Los Angeles star Josh Flagg noted that houses previously sitting vacant for months are now being rented out at inflated prices. Luxury real estate broker Jason Oppenheim shared a personal anecdote of a client offering $20,000 a month for a house asking $13,000, only to be rejected in favor of an even higher offer.

    It's worth noting that price gouging is against the law in California, with the State Department of Justice stating that prices can't rise by more than 10 percent after a disaster has been declared. Despite this, Flagg and Oppenheim have witnessed landlords taking advantage of the situation.

    In addition to the rental market, homes in unaffected neighborhoods are expected to increase in value as displaced residents seek new places to live. Josh Flagg predicts that older homeowners will opt for high-end condos rather than rebuilding their damaged properties.

    A housing shortage is also looming, with Million Dollar Listing Los Angeles star Josh Altman noting that there's already a lack of inventory and the recent influx of displaced residents will only exacerbate the issue. Buying Beverly Hills star Mauricio Umansky agrees, stating that developers should consider opening up vacant homes to short-term rentals to meet the demand.