itstargetnews
Former ‘Million Dollar Listing’ star and Los Angeles realtor Josh Altman gives an update on wildfire recovery and reconstruction efforts and previews President Donald Trump’s visit to disaster sites .
After making a shocking prediction that up to 70% of Pacific Palisades residents won’t be rebuilding and living in their homes again, former “Million Dollar Listing” realtor Josh Altman explains exactly why.
“They’re not going to come back because they don’t want to come back. Of course they want to come back. … They’re not going to come back because it’s simple math,” Altman said on “FOX Business Live” Friday. .
“I don’t think they can afford to rebuild with most people being very underinsured, with the costs of construction, wood, steel. We’re talking about a $1,000 (per) foot building in the Palisades and Malibu.”
Southern California has been battling a wave of wildfires since January 7. More than 50,000 acres have been burned, 28 people have died and more than 16,000 homes and buildings have been completely lost.
CELEBRITY BROKER RESPONDS TO FIREMEN’S ‘BAD’ APPLES, URGES THEM TO ‘GET ACT UP’
president donald trump declared a national emergency on Friday after touring the devastation in Los Angeles with residents who were personally affected by the disastrous event.
Former “Million Dollar Listing” star Josh Altman argues the main reason up to 70 percent of Pacific Palisades residents won’t return home is because of expensive insurance and building costs, on “FOX Business Live” . (FOX Business)
Early estimates put the total financial loss from wildfires in the $50 billion range, according to AccuWeather and JPMorgan. Leading to the fires, various insurance companies he either fled, stopped writing new policies, or dropped coverage in the Golden State.
“And that’s on top of getting a construction crew to show up on your site when there are 16,000 structures that have burned down between homes, schools, commercial spaces. It’s a disaster,” Altman expanded. “That’s what I’m saying, I don’t know that they’re going to be able to do it with insurance.”
Newsom signed a relief package in which the state will spend $2.5 billion to help with wildfire recovery. But Altman wants Newsom to take his response a step further by removing the bureaucratic hurdles that make homebuilding in California timely and costly.
New York City realtors Dolly and Jenny Lenz discuss the Los Angeles wildfires and the impact they will have on the local housing market on “FOX Business Live.”
“The recipe for success will be to cut red tape. To build a house, the process in California, which is just bogged down in red tape, is absolutely impossible: one year to get permits; you have the Coastal Commission, which could take two more years .It’s time for the governor to start cutting red tape.We need to move forward as a team.
“There’s been a lot of ordinances and a lot of things at the state and local level that have to go. The mansion tax, that was the worst tax that’s ever been passed,” Altman continued. “Get rid of it for all the people who lost their homes. The wildlife ordinance, get rid of it. Start cutting red tape. This is how we’re going to get (in) Los Angeles strong again “.
The real estate expert, who spoke ahead of the president’s visit, hoped Trump seeing the devastation with his own eyes would lead to more federal aid and assistance.
GET THE FOX BUSINESS ANYWHERE CLICK HERE
The founder of the Oppenheim Group and principal agent of “Selling Sunset” talks to Fox News Digital about how he’s spoken out against landlords taking advantage of price gouging amid California’s devastating wildfires.
“You have to see it. I’ve walked the Palisades, I’ve walked Malibu. It’s much worse in person than you could ever imagine. Hopefully this will open up federal funding.”
Critical fire conditions decreased throughout the regionFriday, with isolated showers expected over the weekend. Beneficial rain will peak coverage Sunday, but could trigger mudslides in burn-scarred areas.
Fox News’ Stepheny Price and FOX Weather’s Chris Oberholtz contributed to this report.
