Following the devastating Los Angeles fires, 'Million Dollar Listing' stars Josh Flagg and Josh Altman are working tirelessly to assist victims in navigating the increasingly complex and challenging real estate market. The fires have caused widespread displacement, leading to a shortage of housing inventory and exorbitant prices. Flagg and Altman share their insights on the situation, highlighting the urgency of the crisis and the need for government intervention.
Million Dollar Listing stars Josh Flagg and Josh Altman are actively working to assist the victims of the Los Angeles fires in navigating the real estate market after they lost their homes. In a conversation with Fox News Digital, Flagg addressed concerns regarding illegal price gouging within the rental and housing market. He stated, 'Well, the thing is, you know, I don't know the exact laws, but there are legal consequences for price gouging.
For example, if the house was on the market prior to this happening, and then you just raise it five times the price during a natural disaster, that's against the law.' He elaborated, 'So, what people are doing and, to not do it illegally, is… people that were not marketing their homes before are just now taking advantage because you can ask whatever you want for a house. You just can't do it, then a natural disaster happens, and then you triple the price. That's the problem.'California has been ravaged by wildfires, with homes in Pacific Palisades and Altadena being completely destroyed. Both the Palisades Fire and Eaton Fire remain active in Los Angeles County, according to Cal Fire. The agency reports that over 12,000 homes, businesses, and schools have been lost to the fires, displacing over 100,000 people. Flagg pointed out the critical shortage of housing inventory in Los Angeles, stating that it's insufficient to accommodate all the displaced individuals. 'This is why there's like, you know, open houses with a line around the block of people. There's just not enough inventory. A lot of my clients have investment properties, so you fill up the investment properties. I mean, look, at the end of the day, it's not like these people are going to be on the streets. 'Right now, this is very scary. But at the end of the day, there will be a place for everyone to go. It's just determining that now and everyone's scrambling. It's like any disaster. In the beginning, it's a nightmare and then everything just works itself out. But it's not fun while you're waiting,' he continued.Flagg's former 'Million Dollar Listing' colleague, Josh Altman, described the housing market as 'madness' following the Los Angeles fires. Altman remarked, 'It's way worse than you could ever imagine. My friends and people with the police force that I'm friends with that have toured it just said it's something you have to see to really even try to wrap your head around. And it's a hundred times worse in real life than you can imagine by just watching it on TV or on the internet or on Instagram or TikTok.' Altman explained that the real estate market had been 'a little quiet' since the election but picked up before the fires. Now, thousands of people are entering the market involuntarily. 'There's not a lot of inventory to begin with, and now all of a sudden you have a thousand-plus new people in the market, whether they're buying or renting, depending on their financial situation and depending on their family situation,' Altman said. He further elaborated on the long-term consequences, stating, 'It's going to be years till this gets fixed up, the houses get finished. I mean, it's going to be two years to build a house. It's going to be a year to get permits. And then are you going to want to live among 10 other houses on the street that are being developed as you lived there with your children? 'So they immediately then just go into a three-year lease. That's it. And then you go into the people who just say, 'You know what? My kids are 5. They're going to be 10 by the time this comes back together. They're going to be in different schools. So we're not even going to go back there. We're going to get the insurance money. We're going to buy a house, and we're going to sell the land.' So that's really what I'm seeing across the board mostly right now,' Altman explained. Altman shared a letter written by Jason Oppenheim and Ben Belack to Governor Gavin Newsom and Los Angeles Mayor Karen Bass. The letter urges 'practical adjustments' to California laws impacting displaced individuals. Oppenheim and Belack request an increase in California Fair Plan Insurance coverage to $6 million and the inclusion of liability insurance. They also propose exempting individuals who have lost their homes and wish to sell their land from the mansion tax (ULA transfer tax)
CALIFORNIA WILDFIRES REAL ESTATE MARKET PRICE GOUGING DISPLACEMENT HOUSING CRISIS MILLION DOLLAR LISTING JOSH FLAGG JOSH ALTMAN LOS ANGELES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Million Dollar Listing's Tracy Tutor Joins CompassTracy Tutor, star of Bravo's Million Dollar Listing Los Angeles, has left Douglas Elliman to join Compass. She brings over $4.5 billion in sales to the firm.
Read more »
Australian Dollar appreciates as US Dollar remains subdued after a softer inflation reportThe Australian Dollar (AUD) steadies following two days of gains on Monday as the US Dollar (USD) remains subdued following the Personal Consumption Expenditures Price Index (PCE) data from the United States (US) released on Friday.
Read more »
Dollar-for-dollar renovation match underway for iconic Lafayette Park TheaterAn anonymous family is donating a dollar-for-dollar match - up to $25,000 - to help renovate Lafayette's Park Theater, a marquee of the city.
Read more »
Australian Dollar Gains on China Manufacturing Data Despite Strong US DollarThe Australian Dollar strengthened against the US Dollar following the release of China's Caixin Manufacturing PMI. While the index unexpectedly fell, it remained in expansionary territory for the 14th consecutive month. This positive signal for the Chinese economy, a key trading partner for Australia, supported the AUD. Meanwhile, the US Dollar Index reached multi-year highs due to the Federal Reserve's hawkish shift in monetary policy.
Read more »
USD/CAD Edges Lower Despite Canadian Dollar Strength and US Dollar GainsThe USD/CAD pair trades subduedly as the Canadian Dollar strengthens on positive employment data, while the US Dollar remains firm on expectations of a pause in the Federal Reserve’s interest rate cuts. Investors await US inflation data for further guidance on monetary policy.
Read more »
Sammy Hagar says one truck has been found after million-dollar tequila heist at border townSammy Hagar gave an update on the status of his tequila brand with Guy Fieri. Two trucks were stolen last month after crossing the border from Mexico to Texas.
Read more »