Los Angeles Wildfires Spark Concerns Over Rising Rent And Home Prices

Michael Stork, one of the fire victims, told the BBC,“Rents have risen so much. I told my daughter that we may have to live somewhere not so great.”

Los Angeles currently has one of the most expensive real estate markets in the U.S. After the fires, victims are worried about the unexpected hike in rents and home prices.

However, California has a law against rent hikes that prevents increases of more than 10% after an emergency declaration.

California Attorney General Rob Bonta addressed the rent increases in a press conference, saying,“This is illegal, you cannot do this. It's a crime that could result in up to one year in prison and fines.”

Zillow Real Estate Company announced that the average rent in Los Angeles is currently $2,8000. Based on the company's data, the average rent for a two-bedroom house is nearly $3,0000.

Los Angeles real estate agents have also noticed the housing market heating up after the fires. Realtor Herdia told BBC News that there are no laws to prevent price increases for buying homes.

Over the past week, the massive wildfire in Los Angeles has claimed at least 24 lives and destroyed thousands of homes.

As of now, over 180,000 people have been forced to evacuate their homes, and evacuation orders have been issued for more than 200,000 others. At least 12,300 structures have been damaged or completely destroyed by the fires.

U.S. insurance companies have estimated the damages from the wildfires in Los Angeles to be $20 billion.

The aftermath of the wildfires has placed additional financial strain on both residents and the housing market. As families face displacement, rising rents, and home prices, the ongoing recovery efforts are expected to challenge the community for years to come.

The long-term impacts on Los Angeles' housing market may lead to further challenges for residents who are already grappling with the emotional and financial toll of the disaster.

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