In the aftermath of Los Angeles wildfires, California officials are addressing price gouging amongst landlords, revealing a growing trend of skyrocketing housing prices post-disasters. This pattern, reflective of a broader global housing crisis, is fueled by urbanization, real estate investments, and rising construction costs. According to Sara McTarnaghan from the Urban Institute, the disparity between rising home prices and incomes is universal. Moreover, climate change intensifies extreme weather, altering neighborhood desirability and contributing to the displacement of low-income residents as wealthier individuals relocate to safer, higher-elevation areas.
"It's not a uniquely rural issue or urban issue, or homeowner's or renter's issue. There's a kind of shared experience where home prices and rents have continued to rise much quicker than income."
"You have high-income folks on low-lying coastal areas that are vulnerable to flooding that are now looking to higher elevation areas. And this shift in investment patterns is displacing those existing low-income residents."
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