Former “Million Dollar Listing” star and Los Angeles real estate agent Josh Altman spoke Friday on Fox Business Network's “Varney Company.” The main reason 70% of Pacific Palisades residents did not return was lack of adequate home insurance.
Guest host David Assmann said, “We heard the numbers that 70% of Palisades residents don't return after the fire. What does that mean for the county?”
Altman said, “Oh, David, thanks for letting me see you again.” I would like to preface this by explaining a little. Just because you don't want to go back doesn't mean you won't. Of course they want to go back there. For every person who leaves the Palisades, there are five more who want to be there. ”
He added: “They're not coming back because it's simple math. I don't think they can afford to rebuild. Most people don't have enough insurance for construction costs, timber and steel costs, so we We're talking about a 1,000-foot building in the Palisades and Malibu that would require construction crews to look at the site, 16,000 between residential, school, and commercial space. When the building is on fire, go to your property. That's what I'm saying.”
Furthermore, “I don't know if it can be done using insurance.''
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