They will all re-build multmillion-dollar homes after their
They will need to find a contractor and the phase “supply and demand” come into play. There will not be enough contractors or trades men to meet the demand for a long time.
But the biggest hurdle will be the permit process. They may not be able to even get a permit to rebuild.
My guess is that a lot of these people will just relocate to somewhere else.
LA’s status of the center of entertainment will take a hit and many in the industry will use the fire as an excuse to abandoned California entirely. Only time will tell.
Good post.
A good example might be what happened after Katrina in New Orleans.
A lot of folks just moved somewhere else—whether they had good insurance coverage or not—it was just easier.
Implicit in your post is the fact that there was 100% equity by the owner. I wonder if in fact the multimillion $$$ homes were not in fact mortgaged and it is the banks who might end up with the loss.
The fact the owner has Money does not preclude leveraging with a mortgage