Redfin chief executive Glenn Kelman said California is facing an unprecedented “triple threat” after the LA wildfires.
A top real estate executive warned that California is facing an unprecedented “triple threat” with rising house prices, interest rates and insurance rates as it embarks on a critical rebuilding phase after the Los Angeles fires.as major carriers pulled out of the state, discouraged by restrictive policies that prevented the firms from setting rates based on weather risks.
The insurance crisis in California will likely get worse before it gets better — but the damage from the fires is shoving the state into a key rebuilding phase that could eradicate its “NIMBY” ways, according to Kelman. Wood Partners, one of the country’s largest real estate developers, last year said it would no longer be pursuing projects in California. The company has said it would not provide a reason for the withdrawal.Glenn Kelman said the insurance crisis in California will likely get worse before it gets better, since the fires may push more insurers to leave the state.
“We’ve elected a president who used to be a real estate developer,” Kelman said. “He could become the real estate developer in chief.”“You have to have a hole in your head as a builder not to come back to California at this point,” Kelman said. “You’ve got a very friendly government…and suddenly there’s whole neighborhoods that need to be rebuilt.”
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