Digiterre

Digiterre: A Global, Leading-Edge Software Consultancy

November 29, 2018

Ian Murrin is the CEO and Founder of Digiterre, a software consultancy that enables technological and organisational change for many of the world’s leading organisations - be they commodity or energy traders, banks or investment managers, digital disruptors or public service providers. He is a Technology entrepreneur and investor in both technology and media private […]

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LA Wildfires Displace Thousands, Exacerbating Housing Crisis The recent wildfires in Los Angeles have left tens of thousands of residents displaced, forcing families to cope with the devastating loss of their homes and belongings. As the fires rage on, the situation is only getting worse for the city’s already strained housing market. With the region's rental prices surging by as much as 20%, finding affordable housing has become increasingly difficult for those affected. Experts predict that the housing market will continue to struggle as more residents seek temporary shelter, and the region grapples with the long-term impact of lost homes and limited housing availability. The Housing Crisis in the Wake of Wildfires Martin Johnson and his fiancée, Celeigh Chapman, are among the many who have lost everything to the destructive wildfires. After years of painstakingly restoring their home in Altadena, the couple was forced to evacuate and watch as the flames consumed their residence. Now, not only do they face the emotional and financial trauma of losing their home, but they also find themselves caught in the middle of an escalating housing crisis in Southern California. Since the evacuation, Johnson and Chapman have been staying with friends. Chapman described the emotional toll the fires have taken on her, with sleepless nights fueled by anxiety about their future. Unfortunately, their situation is not unique, as thousands of other families in similar circumstances are now seeking temporary housing solutions, further intensifying the demand for homes in the area. Real estate professionals and economists agree that the sudden influx of displaced individuals into an already tight housing market will continue to push rental and property prices higher in the coming months. In fact, some real estate agents report that rental prices for certain units have already increased by 15% to 20% within the past week alone. Jeremiah Vancans, a Los Angeles-based real estate agent, noted that prices for rental units that were previously on the market have surged, further complicating the situation for those looking for shelter. The Long Road to Recovery While the city’s housing stock continues to dwindle, the timeline for rebuilding is long and uncertain. According to real estate professionals interviewed by CNN, it will likely take at least three to five years to restore the lost housing inventory. This period includes clearing debris from burned properties, processing insurance claims, navigating the permitting process, and recruiting skilled labor to carry out the necessary reconstruction. The task of rebuilding the region’s housing stock is complicated by the fact that Los Angeles was already experiencing significant housing constraints before the fires. Data from the California Association of Realtors highlights just how tight the market was before the fires, with fewer than 30,000 homes, townhouses, and condominiums being sold in a county with 3.7 million households. This represents less than 1% of the total housing stock in the region. Now, with an estimated 10,000 homes lost to the wildfires, the situation has grown even more critical. Predatory Practices and a Struggling Market The rising demand for housing, coupled with a shrinking supply, has also opened the door for predatory buyers. Vancans voiced concerns about "predatory buyers" who seek to capitalize on the distress faced by those who have lost their homes. These buyers often make cash offers for the land where homes once stood, exploiting the financial hardships of fire victims in order to purchase properties at a discounted rate. In addition to concerns over predatory practices, the broader housing market is already feeling the pressure from the inflow of displaced individuals. As families who have lost their homes search for new living arrangements, the already limited supply of rental properties is being stretched even thinner. The list of available units has dwindled, and many of the remaining options come with steep price tags. The Rental Market in Los Angeles: A Closer Look As housing prices continue to rise, finding affordable rental units is becoming a significant challenge. In particular, those seeking furnished rental homes have limited options. Many of the available furnished properties are in high-demand neighborhoods like Beverly Hills, Bel Air, and Malibu, with rental prices that can reach eye-watering figures. For example, the median rent for the 75 properties listed in these neighborhoods is around $16,000 per month. In some cases, prices can skyrocket to as much as $250,000 per month for lavish estates, such as a 22,000-square-foot mansion with eight bedrooms and 15 bathrooms in Beverly Hills. While rent control laws in Los Angeles offer some protection for tenants already renting apartments or homes, they do little to address the skyrocketing prices for vacant properties. New renters, particularly those displaced by the fires, are facing steep price increases and limited options. The Path Forward: Solutions for Displaced Residents As Los Angeles grapples with the aftermath of the wildfires and the ongoing housing crisis, it is clear that solutions must be put in place to address the immediate needs of displaced families. Government intervention, including the provision of temporary shelters and financial assistance, is crucial to ensuring that residents who have lost their homes are able to secure stable housing in the short term. Moreover, long-term strategies for rebuilding and restoring the region’s housing inventory will be essential. This includes incentivizing the construction of affordable housing, supporting efforts to rebuild neighborhoods, and providing resources for individuals to rebuild their homes. Efforts to alleviate the predatory practices in the market should also be considered, ensuring that displaced individuals are not taken advantage of during such a vulnerable time. As the housing market continues to evolve, the community’s resilience and the efforts of local leaders and organizations will be vital in helping those who have lost their homes rebuild their lives.

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