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California Governor Gavin Newsom extends rent price-gouging protections as ongoing wildfires displace Californians. The Altman Brothers Team co-founder Josh Altman joins Wealth with Brad Smith to check in on the Southern California real estate market in the aftermath of the devastating blazes.
Altman says the anti-price-gouging efforts may fall short:
"Nothing's going to stop somebody from [price-gouging] in the long run. Yeah, of course, they may get in trouble. They may have been in a situation where they're going to have to pay back the difference of where they were listed at compared to where they are listed at now when the people move in. But the issue is you put a house on the market, and it's a good lease or an apartment, and it's a good lease, you're still going to get inundated with 50 lease applications."
"These people are willing to pay for it at the moment because what is their other option? A lot of them have insurance that are paying for it, which is why the homeowner or landlord that is leasing out the house thinks that it's not a big deal because the insurance is paying for it, so it's yet to be seen," he adds.
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This post was written by Naomi Buchanan.