The government needs to just stay out of it.
The government needs to just stay out of it.
But only when you can't get mortgages, people will begin to stop, and even then some will continue.
It'll take a long time for these changes to trickle out. Especially, when real estate prices in LA are so high.
It might be faster to fix this with zoning. Or if the area is so desirable, find a way to engineer your way out of it.
You can only ignore the reality of government interference in the insurance market for so long.
1) Buying/building smaller houses that cost less to insure. 2) Building using different materials which are less prone to burn. 3) Moving to areas less prone to fires/hurricanes etc 4) Voting for representatives who take this more seriously and install better infrastructure to fight fires/floods.
These are all good ideas which haven't been put in place already because the government has distorted the insurance market so badly people aren't getting the right price signals.
0) Elect people who claim they can make the voters' existing lifestyle affordable.
I agree that sometimes nothing or not very much is the best thing for the government to do, but a crisis is a very bad time to say that, because the other side will just claim they will fix things.
After all, deflation is not good, but claiming that you will bring down grocery prices does seem effective.
Yes, but lots of people won't be consider all factors when buying a house.
Prices are high, houses aren't on the market long, when you do find a house that matches your criteria, are you going to consider if it's safe from floods, fires, earth quakes, etc?
You're already factoring in schools, distance to work, shopping options, etc.
Not to mention the fact that you're mostly worried about whether the house has mold, termites, pest, or construction deflects, how long time to the roofing need to be replaced.
Asking normal people to factor in natural disaster probabilities is difficult.
Maybe, it's better to not allow construction is such places through zoning.
I bet most home buyers spend more time looking for pests, mold, leaky pipes, etc, than they do investigating wild fire risks.
Basically you are saying "i want a nanny state".