Ugh
Anyway issues I see
Insurance seems a lot of uninsured properties and I do not know of those who are covered will have cover for the additional costs of covering current regulations, seems most properties were built before 1990 and are a long way off current code.
Then there is the issue that apparently they are trying to restrict new builds and will these be classified as new builds
As was mentioned above the process is very slow, could take years before a brick is laid.
I know where I am you want to pull a permit for say a new roof and they check everything else and make you fix things that have nothing to do with a roof. So even part damaged properties could have issues.
They could of course ban rebuilding in some areas or make it practically impossible, and then who would insure them?
Also if you just want out how much will the site be worth?
Seems they have restricted Insurers from not renewing in certain areas for a year, well that just delays the inevitable. Not sure what happens if a Company just pulls out of CA.
Then there is FAIR coverage with is Gov mandated and basically Companies that are still in CA have to take a share of the risk of those policies so that just encourages Companies to reduce their portfolio, even if they are writing low risk areas they will get stuck with FAIR coverage.