A ritzy Los Angeles enclave is seeing their wealth wiped out as bungling Democratic state leaders have failed to actwhile a massive landslide accelerates— leaving their homes teetering on the edge of a cliff.
Residents of the posh coastal city of Rancho Palos Verdes tore into Gov. Gavin Newsom for sinking critical legislation that would help protect properties in the idyllic community 30 miles south of downtown Los Angeles.
Peter Pettler, 83, told The California Post that he’s seen the value of his sprawling 2,700-square-foot ranch-style home plummet in value from $2.5 million to just $515,000.
He was once even offered a pathetic $5,000 for his four-bedroom, four-bathroom manor.
“No one would buy this home now,” Pettler, who has called the neighborhood home for 37 years, said. “They couldn’t get a loan or insurance.”
He said an opportunistic couple once tried to purchase his home in Seaview at a 99.8% discount, offering just $5,000, a couple of years ago.
The homeowner blamed Newsom for vetoingAssembly Bill 986, which would have provided funding to address the ongoing disaster.
Introduced in February 2025, the bill was authored by Assemblyman Al Muratsuchi (District 66). It proposed expanding the California Emergency Services Act to include landslides as conditions for declaring a state of emergency.
After a winter of heavy drenching, the Abalone Cove and Portuguese Bend landslides have picked up.
The bill would have sped up the government response to the landslides, but was vetoed by Newsom on October 1 last year.
Source: California Post – Breaking California News, Photos & Videos
