Part 6/11:
The transcripts detail a disturbing trend: many properties affected by the fires are not being rebuilt. Instead, they are left vacant and for sale, with only sporadic activity in the hillside above Malibu. The increase in property values over the decades—homes from the 40s and 50s now worth upwards of $7 million—has not translated into rebuilding efforts, primarily due to these regulations.
Interestingly, foreign investment appears to be a driving force behind many purchases; the increases in property sales to foreign nationals are seen as an unintended consequence of the delays, further reducing the number of homes available for local residents to rebuild or purchase.