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In pricey Los Angeles, where single-family homes under $1 million are hard to come by, even destructive fires haven't deterred willing buyers.
This month, a burned lot in affluent Pacific Palisades sold for nearly $1.2 million — hundreds of thousands over its asking price — despite the land remaining uninhabitable. In the days following that sale, more burned properties have changed hands in the Palisades and Altadena — neighborhoods on different sides of a city devastated in January by wildfires.
In the aftermath of one of the costliest disasters in US history, governments and communities often push to quickly rebuild. However, some economists and environmentalists reject a typical response to rebuilding. As climate change intensifies natural disasters, local governments should think proactively, buying up damaged property from homeowners in disaster-prone areas and building "buffer zones" to better prepare for when the next extreme weather event hits, said Char Miller, a professor of environmental analysis at Pomona College.
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📸 : Fred Greaves/Reuters
