Commentary
With the loss of so many homes in the Los Angeles area, there will be a huge demand for replacement housing, which is anticipated to drive up the cost of homes and rentals. The losses were caused by wildfires, so the cost of homeowners insurance is also predicted to increase, impacting everyone in California.
There is one more surprise: The cost of local school district bonds will make housing even more expensive.
According to the Coalition for Fair Employment in Construction, in the November 2024 election, Californians approved a remarkable 208 school district bond measures. In last year’s March primary election, 28 bond measures were also approved. Combined, the voters in 218 school districts agreed to take on more than $49 billion in new debt, or some $100 billion in new taxes thanks to the related interest costs….