Business
Estimated cost of fire damage balloons to more than $250 billion
As raging wildfires continue to torment Southern California, estimates of the total economic loss have ballooned to more than $250 billion, making it one of the most costly natural disasters in U.S. history.
Early estimates by AccuWeather and JP Morgan put the damage in the $50-billion range, but the expected toll quickly rose to more than triple that amount as fires spread through neighborhoods in Altadena, Pacific Palisades and Malibu.
In the last two days, hundreds of weary firefighters have battled multiple fires in the hills around Los Angeles and Ventura counties, including a massive blaze near Castaic, an early morning fire in the Sepulveda Pass that threatened the tony communities of Brentwood and Bel-Air, and another that pushed into Ventura County farmland Thursday morning.
The latest estimate from weather forecasting service AccuWeather puts the total expected damage and economic loss to between $250 billion and $275 billion. That includes the costs of damage, loss of life, healthcare, business disruptions and other economic impacts.
“These fast-moving, wind-driven infernos have created one of the costliest wildfire disasters in modern U.S. history,” AccuWeather Chief Meteorologist Jonathan Porter said in a statement. “Hurricane-force winds sent flames ripping through neighborhoods filled with multi-million-dollar homes. The devastation left behind is heartbreaking, and the economic toll is staggering.”
Multiple fires have already scorched thousands of acres in and around Los Angeles, displacing more than 150,000 people who have had to evacuate or lost their homes, and damaging or destroying more than 15,000 structures. The number of confirmed dead is 28.
The Palisades fire burning in an area from Santa Monica to Malibu has swept through some of the most expensive real estate in the country, with median home values over $2 million. It may become the worst wildfire in modern California history based on the number of structures burned and economic loss, Porter said.
Estimated financial costs surpass the damage and economic loss numbers for the entire 2020 wildfire season, which was a very active U.S. wildfire season, Porter said.
According to the National Oceanic and Atmospheric Administration, Hurricane Katrina in 2005 has been the most expensive U.S. natural disaster to date, costing an estimated $200 billion.
Business
Sick City Records tries to ‘keep the music alive’ as potential closure looms
Just a few storefronts away from the now-vacant Button Mash, Sick City Records is on the brink of sharing the same fate.
For nearly 20 years, therecord shop has offered Echo Park a rocker-themed hodgepodge of rare vinyl, vintage band tees and dapper haircuts from its singular barber shop chair. But as rent continues to increase and fewer people stop by to browse its sonic selection or get a trim, Sick City Records is struggling to keep its doors open.
“We’ve worked so hard for this. We’ve been doing this for 20 years. We have to fight to keep this place open — it’s what we love to do,” said Jesse Lopez, the record store’s co-owner and resident barber.
Lopez and his business partner, Brian Flores, attribute their financial difficulties to an overall rough year. In January, when the Eaton and Palisades fires broke out, the shop was desolate for around a month. Then, right as summer kicked off — usually a lucrative season for record-collecting tourists stopping by — ICE raids began happening all over the city.
According to Flores, the streets were filled with large fleets of cars all summer, with loud sirens on, trying to scare people. Recent data from the L.A. Economic Equity Accelerator and Fellowship and the L.A. County Economic Development Corp show that 43% of Latino business owners in the county reported revenue losses of 50% or higher since June.
Co-owner Jesse Lopez, left, cuts the hair of Los Angeles resident Jason Berk, 33, inside of Sick City Records.
(Ronaldo Bolanos / Los Angeles Times)
“No one was walking around. It was June. Nobody’s walking their dog,” said Flores. “In this whole shopping center, everybody is an immigrant.”
The record shop’s finances reached an all-time low in October. The duo was two months behind rent; their inventory had gone stagnant and their once regular barber shop clients had become sporadic. The prospect of closing up shop and cutting their losses became more real than ever.
In a last effort to save their music hub, Flores and Lopez have since picked up a vendor spot at the monthly Rose Bowl Flea Market, started a series of collaborative fundraisers with local artists and launched a GoFundMe account.
Since they first opened in 2006, Flores and Lopez have always specialized in rock, punk and alternative — carrying bands like the Velvet Underground, the Smiths, Siouxsie and the Banshees and Suede. The inside of their space reflects that — the walls are filled with wheatpasted skulls; rows of Iron Maiden and Suicidal Tendencies tees line the perimeter and their most valuable merchandise — like a sealed Iggy Pop vinyl, a clear variant of Portishead’s “Dummy,” and a signed Echo & the Bunnymen record — hang high on elevated shelves.
“A lot of stuff’s been sitting here for a long time,” Flores confessed as he looks around at the different half-filled genre crates.
“We try to make what we can. We make our own buttons. We do our own silk screening. We can’t buy high-end vintage. We can’t afford it right now,” he added. “It’s embarrassing when the kids are asking for new rap records and these record guys come in looking for something special, but we don’t have it.”
Band tees and vinyl records hang on a wall inside of Sick City Records.
(Ronaldo Bolanos / Los Angeles Times)
In recent years, Sick City has also made an effort to expand into other genres, and now carries anything from country to jazz and rap. Between albums like Tyler the Creator’s “Cherry Bomb” and the Cocteau Twins’ “Heaven or Las Vegas,” Flores says they will always dedicate several of their crates to local underground acts, featuring anything from their customers’ passion projects to bands who play the city’s bars and house shows.
Their local selection is usually most popular during the summertime and when people are in town for events like the relatively nearby Coachella Valley Music and Arts Festival.
“Truthfully, this year we haven’t had that many tourists. People are usually looking for L.A. bands to take home to places like Australia and Canada and ask us for recommendations,” said Flores. “But this year, without tourists, it’s still slow.”
Their dedication to L.A.’s local sounds goes back to their roots as a business. In 1999, the duo first sold vintage band tees at Melrose Trading Post. At the time, the market was mostly older vendors selling novelty items. Flores and Lopez decided to shake things up a bit by playing Metallica in the early-morning hours and began to build a younger clientele who were interested in their vintage clothing. Over time, they learned how to screen print and started selling their own designs.
After about five years of selling at the market, they decided to upscale into a more permanent business that would focus on music. In 2006, they opened a space in Silver Lake that functioned as a barbershop with a couple of record crates. Despite it being the early 2000s, the vendors were ahead of the up-and-coming vinyl revival, as millennials started to pay more attention to physical media.
As record-collecting grew in popularity and events like Record Store Day went mainstream, they saw a surge in sales. In 2008, they expanded the record portion of their business, opening their current location in Echo Park.
With this stint of success, the record shop started to function as a record label as well. In the early 2010s, the duo helped some customers and longtime friends who were in bands release, distribute and promote their albums. Flores and Lopez would help choose the album art, the order of the track list and help book shows.
Sick City Records owners Jessie Lopez, left, and Brian Flores at their Echo Park shop.
(Ronaldo Bolanos / Los Angeles Times)
One of the first bands they worked with was local rock group the High Curbs, who were teenagers at the time and thereforestruggled to get into the bars where they were booked to play. With the help of Sick City, they were able to release their 2016 album. The band, which still regularly tours and releases music, made its return to the record shop earlier this summer for the annual music festival Echo Park Rising.
“They told me, ‘We don’t do any small shows anymore, but for Echo Park Rising, we want to give back and play for you guys.’ We had a full house,” Flores said. “We felt the love back.”
At the height of the business, when they were funding their record label, Flores says they were making around $8,000 a month. Now they are making closer to $2,000 monthly, with customers spending an average of around $10 per visit. On a weekday afternoon in November, a handful of patrons came into the shop to sift through their vinyl selection, but only one customer made a purchase.
“We want to do more. We want to do more shows and promote more bands. We’ve done shows at Los Globos, the Silverlake Lounge, the Redwood [Bar and Grill]. But all this costs money,” Flores said. “So when we were able to put out those records, it was very expensive at the time, but we were able to do it.”
Flores and Lopez continued to operate out of both stores until 2020, when they decided to consolidate both businesses into the one that exists today.
Since the pandemic, Sick City Records’ rent has continually increased. In 2020, the duo paid $1,800 for the space. Today they pay $3,500. In the last several years, gentrification has taken hold of Echo Park, hiking up both residential and commercial rent. Flores says that in the nearly 20 years that they’ve been on Sunset Boulevard, he’s seen many small businesses collapse from these strains.
With a specialty in rock, punk and alternative, Sick City Records’ selection often spotlights local L.A. acts.
(Andres Melo / For The Times)
“There are a couple of small coffee shops, like Woodcat, that are still there. But Spacedust [a clothing shop] is gone. Cosmic Vinyl is gone,” said Flores. The latter establishment shuttered in 2018 but reopened earlier this year at a new location in Eagle Rock.
“There’s no parking. I don’t know why they keep raising the rent. But Echo Park has always been a hub where people want to be.”
Sick City Records has several fundraisers and flea market pop-ups planned before the end of the year. On Dec. 13, they will be hosting an art show at the shop called “Hold On to Your Friends,” which will feature live DJs, local artists and vendors. All proceeds will go to keeping Sick City in operation.
“Hopefully, people don’t forget about us. We’re just trying to keep the music alive, keep a good vibe and keep promoting the music community,” said Flores. “We just got to get back on our feet. We want to bring in product that we’re proud of.”
Business
Video: Trump Says That Netflix’s Warner Bros. Deal ‘Could Be a Problem’
new video loaded: Trump Says That Netflix’s Warner Bros. Deal ‘Could Be a Problem’
transcript
transcript
Trump Says That Netflix’s Warner Bros. Deal ‘Could Be a Problem’
President Trump said on Sunday that Netflix’s proposed $83 billion merger with Warner Bros. “could be a problem” because it involves “a very big market share.”
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Reporter: “Should they be allowed to buy Warner Brothers?” Trump: “So that’s the question. They have a very big market share, and when they have Warner Brothers, that share goes up a lot. So I don’t know. That’s going to be for some economists to tell, and also, and I’ll be involved in that decision, too. But they have a very big market share.” Reporter: “Did he (Netflix co-chief executive Ted Sarandos) make any guarantees to you about the merger, if they do merge?” Trump: “No, no, not at all. He came up. He was in the Oval Office last week. I have a lot of respect for him. He’s a great, he’s a great person. But he’s done one of the greatest jobs in the history of movies and other things. And he’s got a lot of interesting things happening, aside from what you’re talking about. But it is a big market share. There’s no question about that. It could be a problem.”
By Aritz Parra
December 8, 2025
Business
Plans to raise Vincent Thomas Bridge rejected
Construction on the Vincent Thomas Bridge near the Port of Los Angeles is slated to begin next month, but the project will not include a 26-foot bridge hoist that port officials were hoping for.
Port Executive Director Gene Seroka proposed raising the bridge earlier this year amid existing plans from the California Department of Transportation to re-deck the emerald green overpass connecting San Pedro to Terminal Island and Long Beach.
Raising the bridge would allow larger, more efficient ships to travel underneath carrying cargo. About 40% of the port’s cargo capacity is beyond the bridge, which sits at 185 feet high.
The California State Transportation Agency, the cabinet-level agency that oversees Caltrans, nixed the suggestion last month, saying the deck replacement had to begin as soon as possible.
“Vincent Thomas Bridge is scheduled for a much-needed re-decking project … beginning in January of 2026 and ending in advance of the LA 2028 Olympic and Paralympic Games,” an agency spokesperson said in a statement.
The agency “welcomes continued discussions to a path forward while we work to make sure the bridge is structurally sound and safe for the motoring public.”
Plans to fix up the bridge are projected to cost more than $700 million and will require the bridge to be closed to the public for 16 months. The port’s proposal to raise the bridge would have added $1.5 billion in costs and forced the bridge to close for more than two years.
The 60-year-old bridge is a local symbol to surrounding communities and supports tourism across the harbor area. It also provides a key artery for cargo trucks traveling to and from the port.
Preliminary detour routes for the bridge’s closure would send commuters, tourists and cargo through Harry Bridges Boulevard in Wilmington and on the 110 and 405 freeways.
The San Pedro Chamber of Commerce voted over the summer in support of a study on the effects of raising the bridge. Los Angeles City Councilmember Tim McOsker, who represents port-adjacent communities including Wilmington, Harbor City and San Pedro, said he supported raising the bridge as long as it was safe and took locals’ needs into account.
Seroka has not given up on a solution to help accommodate the next generation of cargo ships at the Port of Los Angeles.
“All parties recognize the benefits of additional clearance to jobs and the long-term economic vitality of both the Port of Los Angeles and California,” Seroka said in a statement.
“While we were hopeful that we would be able to include a bridge raising component into Caltrans’ pending critical maintenance project, we’re encouraged by the strong support of the administration to quickly explore additional projects,” he said.
Future projects might include raising the bridge after the deck replacement is complete, or building a new bridge altogether, Seroka said.
The port director had originally suggested raising the bridge by putting sleeve lifts and platforms on the bridge’s legs. The Bayonne Bridge connecting Staten Island, N.Y., and Bayonne, N.J., was raised in a similar manner in 2019.
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