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Pacific Palisades Residents' Top Concern: A Real Estate Insider's Perspective

Josh Altman: up to 70% of Pacific Palisades residents won't rebuild due to "simple math" after devastating wildfires.

R
eal estate expert Josh Altman, a former star of "Million Dollar Listing," is predicting that up to 70% of Pacific Palisades residents won't return to rebuild their homes due to financial constraints. According to Altman, it's not a matter of people wanting to stay away, but rather the high costs of rebuilding in an area where many are underinsured. "It's simple math," he said on "FOX Business Live." The cost of construction, lumber, and steel is exorbitant, with some buildings costing $1,000 per foot.

    The recent wildfires in Southern California have left a trail of destruction, with over 50,000 acres scorched, 28 people killed, and upwards of 16,000 homes and buildings lost. The total financial loss is estimated to be around $50 billion. Insurance companies had already been pulling out of the state before the fires, leaving many residents without adequate coverage.

    Altman believes that Governor Newsom's relief package, which allocates $2.5 billion for wildfire recovery, doesn't go far enough. He wants the governor to remove bureaucratic roadblocks that make building homes in California time-consuming and costly. "The recipe for success is cutting the red tape," Altman said. "We need to move forward as a team." He also called for the removal of ordinances such as the mansion tax, which he believes has been particularly burdensome for those affected by the fires.

    Altman hopes that President Trump's visit to the devastated area will lead to increased federal aid and assistance. "You have to see it," he said. "It's way worse in person than you could ever imagine."

Residential real estate expert in Pacific Palisades discusses community concerns and market trends.