The high-end residential area of Rancho Palos Verdes, located about 30 miles from downtown Los Angeles, is witnessing property values plummet as landslides expand, pushing many homes to the edge of dangerous cliffs.
Local residents are criticizing Governor Gavin Newsom after a disaster relief bill was vetoed, amid a political landscape increasingly focused on the upcoming race for California Governor.
Peter Pettler, 83, stated that the value of his 2,700 sq. ft. home dropped from $2.5 million to just $515,000. This decline stands in stark contrast to preserved Los Angeles homes recognized as landmarks with multi-million dollar valuations. At one point, someone even offered to buy his house for $5,000.
He noted that no one wants to buy because it is impossible to secure bank loans or insurance.
Bill AB 986, proposed in 2025, aimed to extend emergency status to landslide-affected areas to accelerate aid. The bill was vetoed by Governor Newsom in October.
Following a season of heavy rains, the Abalone Cove and Portuguese Bend areas have recorded accelerated land movement.
Many homes have lost electricity and gas services. The water supply is unstable. Plumbing systems have had to be moved above ground to maintain functionality.
Some residents have had to install solar panels and carry out repairs themselves at significant cost.
An underground well system, originally designed to reduce water levels in the landslide zone, has not been properly maintained, contributing to the worsening situation.
Many million-dollar villas now face the risk of falling into the Pacific Ocean, echoing safety concerns regarding Malibu mansions previously reported in the media.
George and Jennifer Elias's family was renting an $11 million home on Marguerite Drive. Bob Leech, 89, said two backyards disappeared overnight.
Approximately 60 feet of land behind the house has collapsed recently.
He stated that the house is currently unsellable.
A neighboring 10,000 sq. ft. villa also lost about a third of an acre due to landslides, sparking controversy over permitting in high-risk disaster zones.
Oscar-winning visual effects specialist Eric Barba called the situation a "nightmare." He mentioned his home no longer has gas and he had to install his own solar power system.
A FEMA assistance plan intended to buy out affected properties at 75% of market value has hit procedural snags and has yet to be implemented.
Residents say the prolonged delays are exhausting their finances and damaging their credit scores.
The landslides continue to spread with no signs of stopping.
