While the housing market in the Los Angeles area was already tight due to low inventory, that has become worse due to both the Pacific Palisades and Altadena Fires. As a matter of fact, according to an article in the Los Angeles Times, many owners of homes that were willing to put home for rent are most likely hold off due to a maximum of just under $10,000 a month that they can charge.
Real estate brokers and agents say that they understand the need for protections from price gauging, the unintended consequences are causing more harm then good. The California State Attorney General’s Office is committed to upholding the laws that were put in place after Governor Newsom’s State of Emergency Declaration was put in place. Indeed, a La Canada Real Estate Broker has already had charges brought against him for raising the rent on a house he listed for rent and, three days later, raised the asking beyond the 10% allowed by state law.