Oh, yeah, it is/was a gorgeous location - been through there quite a few times. But I’m not sure the middle class residents of which there are/were plenty will be able to finance what it will cost to rebuild their part of it. When your house is fully insured and the costs of rebuilding suddenly double, what are you going to do? That said, I agree that a community of some sort will almost certainly arise around what is left. What it will actually look like remains to be seen. I’ll be pulling for them.
I haven’t spent any time at PP but have spent time near Palos Verdes. It is the same concept. Numerous rich people intermingle with long time home owners that can only afford to stay because of prop 13 rules..