Garcetti puts pressure on owners to retrofit as LA is deemed one of the most dangerous places to build

The next major natural disaster could hit the city well before the 25-year retrofit deadline

Los Angeles /
Sep.September 25, 2017 03:00 PM

In light of the deadly earthquake in Mexico on Sept. 19, Los Angeles Mayor Eric Garcetti is recommending owners and local governments move fast to retrofit at-risk properties, the Los Angeles Times reported.

The law requires owners to retrofit flimsy concrete and wooden apartment buildings 25 years after the city issues an order for a seismic evaluation. Garcetti is now urging the changes happen well before then.

An amended law, he says, could ease the financial burden by allowing owners to obtain loans for the retrofits. Costs for amending a property can exceed $1 million for a large structure.

Garcetti’s words came just days after Los Angeles was deemed the city with the third-greatest risk of losing housing from natural disasters, according to a new report from Attom Data Solutions.

Demand for homes at risk of potential danger has grown as more homeowners choose mountain views over practicality, the study found. The threat of natural disaster has not impacted L.A. home prices, as opposed to areas like Florida and Louisiana where the threat of floods has caused home appreciation to weaken. [LAT] [SCPR]Natalie Hoberman


Related Articles

arrow_forward_ios
Mayor Eric Garcetti (Getty, iStock)
LA mulls tougher Covid restrictions on malls, retailers
LA mulls tougher Covid restrictions on malls, retailers
Rendering of the Sea Breeze project and Los Angeles City Hall (Getty)
Developer admits to campaign donations scheme tied to Sea Breeze apartment project
Developer admits to campaign donations scheme tied to Sea Breeze apartment project
Photo illustration of Dr. Barbara Ferrer and Mayor Eric Garcetti (Getty)
As Covid surges, City of LA issues stay-at-home order
As Covid surges, City of LA issues stay-at-home order
City Controller Ron Galperin( Credit: Ron Galperin/Wikipedia)
LA controller finds just 228 homeless housing units built with $1.2B bond
LA controller finds just 228 homeless housing units built with $1.2B bond
Jose Huizar and a rendering of the project (Getty, City Market LA)
Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny
Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny
Tani Cantil-Sakauye and Mayor Eric Garcetti (Getty, UC Davis School of Law, iStock)
Garcetti balks at termination of eviction moratorium
Garcetti balks at termination of eviction moratorium
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)
LA landlords sue city over residential eviction ban
LA landlords sue city over residential eviction ban
Mayor Eric Garcetti (Credit: Araya Diaz/Getty Images)
In Los Angeles, you can show homes again
In Los Angeles, you can show homes again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...