Goldman Sachs analyst Michael Lapides expects incremental investor concern for PG&E and Edison as the fires continue to grow, pointing out that California’s wildfire legislation that passed in late August (SB901) doesn’t contain provisions regarding wildfire recovery for potential 2018 fires.
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Some 149,000 Californians are effectively homeless after fleeing from the Camp, Woolsey and Hill fires, which have afflicted Butte County, as well as Ventura and LA counties and destroyed more than 6,700 homes and buildings, with thousands more expected to burn. And as the death toll hits 31, putting this round of wildfires on track to become the deadliest in the state's history as more than 200 people remain missing, a picture of the total damages that have been wrought by the fires is beginning to emerge. According to Bloomberg, the state, insurers and homeowners could be on the hook for a combined $19 billion in damages.
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5 comments:
Stop the funds until they think the trees out.
California is the most polluting state in the nation. The EPA needs to issue huge fines fo California for destroying the country's air quality!!! (How is all that solar and electric cars working out for you)
Another problem is too much of the land is owned by the government public land in CA. This prevents development so the LA suburbs area is beyond overbuilt. Take a street view 'drive' down some of the streets just north of LA in the canyons. Fire trucks can not get down those twisty roads and houses are built stacked up 3 and 4 along the canyons. It's beautiful especially at night looking at the lights but it doesn't take a rocket scientist to have predicted it is deadly.
45% of the land in CA is federal land. Over 45 million acres that amounts to. This is why the existing structure prices are extremely high. To give an example we have on Western in LA a house zoned commercial so you can live in it and operate a business out of it too if you so desire. It was built in the early 1900's is 1600 sq ft 3 bedrooms one bath. It is in excellent condition. It is currently being used by a family member who does run her business out of it. In Salisbury a comparable property would maybe go for $200,000. Just for curiosity a few months ago we contacted a realtor who they themselves offer 1.5 million sight unseen for it.
45% is federal land and about 10% is state owned. Less then 50% of the land in CA is privately owned. It has caused a huge problem for over development and traffic.
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