Ritzy LA enclave suffers staggering wealth wipe out — as mansion owners slam Gavin Newsom
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By Katie Jerkovich
Published on March 21, 2026.
Ritzy Los Angeles enclave, Rancho Palos Verdes, is seeing a significant increase in property values due to a massive landslide that has left homes teetering on the edge of a cliff. Residents are blaming Gov. Gavin Newsom for vetoing legislation that would have provided funding to address the disaster. The bill, introduced by Assemblyman Al Muratsuchi, proposed expanding the California Emergency Services Act to include landslides as conditions for declaring a state of emergency. However, it was vetoed by Newsom last October. Meanwhile, Rep. Ted Lieu, who represents the area in CA’s 36th district, has also been criticized for not doing anything to save their homes. The multi-million dollar mansions are at risk of falling into the Pacific Ocean.
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