Former “Million Dollar Listing” real estate agent Josh Altman predicts that nearly 70 percent of Pacific Palisades residents won’t return to rebuild following the devastating Los Angeles wildfires.

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Former Million Dollar Listing real estate agent Josh Altman predicts nearly 70 percent of Pacific Palisades residents won’t return to rebuild following the Los Angeles wildfires — and it’s not because they don’t want to, he warned Friday.

“I don’t believe they’re going to be able to afford to rebuild with most of the people that are heavily underinsured, with the costs of construction, lumber,” Altman told FOX Business Live Friday. “We’re talking about a $1,000 [per] foot building in the Palisades and in Malibu.”

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Josh Altma

After igniting on Jan. 7, the wildfires tore through Southern California, burning 50,000 acres, destroying 16,000 structures and claiming 28 lives.

President Donald Trump toured the devastation Friday and declared a state of emergency following the visit.

Altman told the New York Post that he received an influx of calls from homeowners seeking listings in new neighborhoods after growing frustrated with living in wildfire areas and ongoing insurance challenges.

Even before the wildfires, many insurance companies had withdrawn from California or reduced coverage. Altman told the outlet that his insurance agent estimated “90-plus percent of these people are heavily underinsured.”

Without proper insurance, rebuilding may be out of reach.  Early estimates put the wildfire’s financial toll around $50 billion, according to AccuWeather and JPMorgan.

To aid recovery, California Governor Gavin Newsom signed legislation on Thursday, Jan. 23, providing over $2.5 billion in disaster relief. The funding aims to accelerate emergency response, streamline rebuilding efforts and restore fire-damaged schools.

Gavin Newsom

“Thanks to our partners in the legislature, we’re providing over $2.5 billion in immediate relief — expediting initial firestorm response and recovery efforts,” Newsom said in a statement. “We’re also directing millions of dollars to help local governments speed up building approvals — so folks can rebuild their homes faster.”

On Monday, Jan. 20, Newsom issued an executive order to fast-track debris removal and mitigate risks from upcoming rainstorms, which could trigger mudslides and flash floods in burn-scarred areas.

“As work continues to fight fires across Los Angeles County, the state is already working to prepare for the damage that can happen when winter rainstorms hit burn scars, causing landslides and flooding,” Newsom said. “This order helps keep our emergency response focused on protecting communities, not permits and paperwork.”

A helicopter from the fleet carrying President Donald Trump flies over an area devastated by the Palisades Fire. (Photo by Frederic J. Brown / AFP via Getty Images)

During President Trump’s visit to Los Angeles, Newsom also urged him to support Los Angeles recovery and rebuilding efforts.

“Just as President Trump supported California during the pandemic, we will work together again for firestorm survivors and communities across Los Angeles who deserve all the help they can get from federal, state and local governments,” Newsom said.

Email Richelle Hammiel

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