California’s wildfires have sparked a surge in rental housing prices in Los Angeles, leaving thousands of residents searching for new places to live. The Palisades Fire has destroyed an estimated 5,000 structures, including homes in upscale neighborhoods near the coast.
Historic fires in Southern California are forcing people to scramble to find affordable housing, with rent prices skyrocketing. A furnished home in Bel Air was listed on Zillow at $29,500 per month, a nearly 86% increase from its previous price of $15,900.
Gov. Gavin Newsom has declared a state of emergency and banned post-disaster price gouging, which includes any price increase of more than 10% compared to pre-disaster prices. California Attorney General Rob Bonta is urging residents to report suspected price gouging through his office’s website.
Rental listing prices show significant spikes since the fires started. A reporter with The Los Angeles Times found a property in Encino had its asking rent lowered after it increased by nearly 28%. Experts expect LA rents to rise further, exacerbating the already unaffordable housing crisis.
The Palisades Fire is located near Bel Air, where the $29,500 home was listed. However, due to evacuation warnings, the agent declined interviews with LAist about the listing and its owner’s decision to list the property again after taking it off the market months ago.
Source: https://laist.com/news/housing-homelessness/los-angeles-palisades-fire-housing-rent-price-gouging-law-california-zillow-listing