Following recent wildfires, a new California law capping rent listings at $10,000 is significantly restricting housing options for displaced wealthy families in Los Angeles. This regulation, while intended to prevent price gouging during a state of emergency, has resulted in fewer available rental properties, hindering the search for temporary housing by those affected by the disasters. Pre-fire market conditions indicated that higher-priced rentals were common, suggesting that homeowners might be withholding listings due to the law. As a result, wildfire victims face an increasingly competitive rental environment with limited options.
Property owners are making fewer properties available for rent because of a state law barring new listings from charging more than $10,000 a month during the state of emergency.
The price cap is below what L.A.'s pre-wildfire market would bear in many expensive neighborhoods where wealthy displaced residents may be looking to relocate.
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