Eric Garcetti and damage from the 1994 Northridge earthquake (Credit: Getty, Wikimedia Commons)
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