The Los Angeles area wildfires that have devastated communities like Pacific Palisades and Altadena have prompted a spike in prices for rental housing, spurring price gouging concerns.
The devastating wildfires that have hit the Los Angeles area in recent weeks have further constrained an already tight housing market, spurring a rise in rental prices that has sparked concerns about price gouging. Authorities have said more than 12,000 structures have been destroyed by the Los Angeles area wildfires, which have impacted Pacific Palisades and Altadena, as well as in the Malibu area.
California law caps price hikes in the wake of a declared emergency to 10% of the pre-emergency price, and Attorney General Rob Bonta emphasized at a recent press conference that the anti-price gouging rule applies to housing and rentals.
Stuart Gabriel, a finance professor and director of the UCLA Ziman Center for Real Estate, told FOX Business in an interview that while houses in the fire zones were generally quite valuable, some of the residents may be older or of a more modest income than their more affluent neighbors, as some of the housing dates back six or seven decades. That could pose challenges as they look to rebuild.
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