Wildfires Devastate L.A.: $40 Billion in Damages and Long-Term Housing Crisis

Douglas McIntyre, editor-in-chief of Climate Crisis, reports that wildfires in L.A. have destroyed over 15,000 homes, causing $40 billion in property damage. The high losses are driven by the median home value of $1.8 million in the affected areas. Rebuilding efforts face significant hurdles, as securing insurance and mortgages becomes increasingly difficult. This situation threatens to depress property values in parts of Los Angeles, creating a long-term housing crisis.