A law barring monthly rents of more than $10,000 for new listings is stopping high-end homes from going on the market, real estate agents and brokers say. Such homes could be in demand for wealthy fire victims.
In Los Angeles’ high-end rental market, it’s long been common to find homes advertised for $10,000 a month or more. But in the wake of this month’s devastating wildfires in Pacific Palisades and Altadena, new listings above that amount are effectively barred by state law, just as a crush of wealthy, displaced families are looking for places to go.
Rob Bonta announced Wednesday the first price-gouging charges related to the fires, accusing a La Cañada Flintridge real estate agent of raising the list price on a rental home by 38%. Amid bidding wars, the attorney general has warned landlords that accepting unsolicited offers to pay more than 10% over the asking price would qualify as price gouging.
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