Business
Wildfires Will Deepen Housing Shortage in Los Angeles
Each of the homes burned in the Los Angeles fires is its own individual calamity.
Collectively, the losses — whether in the hundreds or, as is far more likely, in the thousands — will weigh on the city’s already urgent housing shortage.
Fires are still raging, and with 180,000 people under evacuation orders as of Thursday morning, the degree of displacement in the city and its surrounding areas will take time to assess. For the time being, evacuees are holing up in public shelters in Los Angeles County, with friends or family members or in hotels.
But in the coming weeks and months, people whose homes are gone will have to find more stable accommodations while they rebuild. That will not be easy in a metro area that, as of 2022, already had a shortage of about 337,000 homes, according to data from Zillow. The number of homes on the market in Los Angeles was 26 percent below prepandemic norms as of December, according to Zillow.
“One of the biggest challenges ahead will be getting people who lost their homes into permanent, long-term housing,” Victor M. Gordo, the mayor of Pasadena, said on Wednesday. Pasadena, which is battling the Eaton fire, has already lost hundreds of homes.
The area’s tight rental market is likely to become further strained as many of the thousands of displaced residents turn to rental units, while figuring out their next move. The median rent for a one-bedroom apartment in Los Angeles, as of Jan. 7, was more than $2,000, according to Zillow.
“You’re going to have a positive shock in demand, and a negative shock in supply, so this automatically means prices go up in the rental markets,” said Carles Vergara-Alert, a professor of finance at IESE Business School in Barcelona, who has studied the effects of wildfires on housing markets.
Any uptick in rental costs would affect tenants across the region, beyond those displaced by the fires, Dr. Vergara-Alert said.
Jonathan Zasloff, who lost his home in Pacific Palisades this week, teaches land use and urban policy at the University of California, Los Angeles law school, and is acutely aware of how his search for interim housing could affect the broader market.
Dr. Zasloff is staying with his brother for the time being, while a friend is putting up his wife and daughter. They evacuated their house, which they had lived in for almost 15 years, around noon on Tuesday, before the official evacuation order was issued for the area. That evening, Dr. Zasloff realized the severity of the crisis when he was watching television and saw a reporter standing on his fire-ravaged block.
His insurance agent told him it could take two to three years to rebuild his house. His family might try to find a rental in West Los Angeles near UCLA in the meantime, he said.
There aren’t many rentals in that part of the city, Dr. Zasloff said, so students and other renters could be displaced as he, and people like him who lost their homes, move in.
“It’s very possible that this event is going to cause a big increase in homelessness, even though the people who got pushed out of their homes are people of means,” he said.
California has been in the grip of an affordable housing crisis for a decade. Both state and local lawmakers have passed a raft of new laws that aim to make housing cheaper and more plentiful by making it easier to build. In Los Angeles, for instance, Mayor Karen Bass signed an executive order that streamlines permitting for projects in which 100 percent of the units are affordable. In response to state housing reforms, there has been a boom of backyard homes — called accessory dwelling units, or A.D.U.s — that homeowners often rent out for extra income and that have added to the housing stock.
Still, both the city and state remain well behind their housing production goals, and affordability has only continued to erode. The number of apartment units approved by the city of Los Angeles, for example, dipped to a 10-year low in 2024, according to data from the Los Angeles Department of Building and Safety compiled by Crosstown LA, a news site. That downturn in building permitting has raised concern about roadblocks to new housing unit creation.
“This is a place that had massive affordability challenges last week, and after this week it’s going to be that much more challenging,” said Dave Rand, a land-use lawyer at Rand Paster & Nelson in Los Angeles, who also serves on the board of directors of a statewide affordable housing organization.
After the fires are extinguished and the recovery begins, Mr. Rand said, there is hope that the common cause of rebuilding can be a catalyst for tackling affordability challenges by continuing to make it easier to build housing, particularly affordable rental housing, at a faster pace.
“This is such a devastating event that hopefully it rocks the system to the point where we can get real reform,” he said.
The Los Angeles City Council has aimed to build nearly half a million new units by 2029. But many people trying to rebuild all at once after the fires could lead to higher costs, and slow down the overall production of housing, said Jason Ward, a co-director of the center on housing and homelessness at the RAND Corporation.
A longstanding construction labor shortage in Los Angeles does not help. Andy Howard, a general contractor who has worked across the city for three decades, including in the areas affected by the fires, said many of the subcontractors he work with in the past have left California since the pandemic. And there are not enough young people entering the industry.
The fires are “going to make it worse,” Mr. Howard said. “It’s going to drive the cost up, for sure.”
Business
FKA twigs sues ex-boyfriend Shia LaBeouf over ‘unlawful’ NDA
Singer-songwriter FKA twigs is suing her ex-boyfriend, actor Shia LaBeouf, claiming that he is trying to “silence” her from speaking out against sexual abuse through the use of an “unlawful” nondisclosure agreement.
The complaint, filed in Los Angeles Superior Court on Wednesday, seeks a court order to prohibit LeBeouf from enforcing sections of an NDA which Tahliah Barnett — the Grammy Award-winning singer’s legal name — says violates California law.
“Shia LaBeouf has tried to control Tahliah Barnett for the better part of a decade,” the filing states.
“This action was taken in response to Mr. LaBeouf’s attempt to bully and intimidate twigs through a frivolous and unlawful secret arbitration he filed against her in December in which he sought to extract money from her,” said the singer’s attorney Mathew Rosengart, national co-chair of media & entertainment litigation at Greenberg Traurig in Century City, in a statement.
Rosengart added that twigs “refuses to be bullied anymore. She is instead standing up for herself and other survivors of sexual abuse who have improperly been silenced. This is the unusual case that is not about money but about justice and upholding and enforcing California law and policy designed to protect survivors by nullifying illegal NDAs.”
LaBeouf’s attorney Shawn Holley of Kinsella Holley Iser Kump Steinsapir denied the claims.
“When Ms. Barnett and Mr. LaBeouf both decided to resolve their differences and move on with their lives, no one forced her or ‘bullied’ her to stay silent,” Holley said in a statement.
“As a woman with agency, she decided to settle the case and accepted money to dismiss her lawsuit.”
The suit arises out of litigation that Barnett brought against LaBeouf in 2020, when she accused the actor of “physical, sexual, and mental abuse” during their relationship,” as well as “knowingly infect[ing]” Barnett with a sexually transmitted disease.” That case was settled last year.
In a response to the suit, the actor told the New York Times that “many of these allegations are not true.”
But he added, “I am not in the position to defend any of my actions. I owe these women the opportunity to air their statements publicly and accept accountability for those things I have done.”
In the statement Thursday, Holley added that the claim of sexual battery “was disputed, as were the other claims made in Ms. Barnett’s lawsuit.”
Shia LaBeouf poses for photographers upon arrival at the premiere of the film “The Phoenician Scheme” at the 78th annual Cannes Film Festival May 18, 2025.
(Lewis Joly / Invision / AP)
According to the new lawsuit, LaBeouf filed a secret arbitration complaint and “improperly sought exorbitant monies” from Barnett last December, claiming she had breached their agreement by violating its nondisclosure provisions after she gave an interview to the Hollywood Reporter in October.
In the interview, Barnett was asked if she felt safe and answered that as a woman of color in the entertainment industry, she “wouldn’t feel safe” and discussed her involvement with organizations that support survivors, saying, “I think it’s less about me at this point and more about looking forward. Just, you know, moving on with my life.”
The agreement Barnett reached with LaBeouf “contained a deficient and unlawful NDA that is unenforceable,” under California’s Stand Together Against Non-Disclosure Act, according to the complaint. The law forbids NDAs from being used to silence victims of sexual misconduct.
“As the California Legislature has made clear, survivors should have the right to tell their stories without fear or coercion, and California law does not and must not allow abusers and bullies to silence them through secret agreements containing unconscionable, unlawful gag orders,” the complaint states.
The lawsuit further alleges that while LaBeouf has sought to prohibit Barnett from talking about her abuse, he has “repeatedly brought up his relationship with Ms. Barnett—on his own and without being directly asked about her—materially breaching the very confidentiality provisions that he had just contended were fully enforceable against Ms. Barnett.”
While the actor agreed to drop the arbitration in February, he has “refused to acknowledge, however, that the NDA provisions are illegal and unenforceable,” the filing states.
The latest round in LaBeouf’s legal battle with Barnett comes just weeks after a New Orleans judge ordered the actor to begin substance abuse treatment and undergo weekly drug testing after he was arrested on suspicion of assaulting two men in the city’s French Quarter. LaBeouf was also required to post $100,000 bond as part of the conditions of his release. He was charged with two counts of simple battery, the Associated Press reported.
Business
Warner shareholders to vote on Paramount takeover
Warner Bros. Discovery shareholders will soon render a verdict on Hollywood’s biggest merger in nearly a decade.
Warner has set an April 23 special meeting of stockholders to vote on the company’s proposed sale, for $31-a-share, to the Larry Ellison family’s Paramount Skydance.
The $111-billion deal is expected to reshape the entertainment industry by combining two historic film studios, dozens of prominent TV networks, including CBS, HBO, HGTV and Comedy Central, streaming services and two news organizations, CNN and CBS News. The tie-up would give Paramount such beloved characters as Batman, Wile E. Coyote, and Harry Potter, television shows including “Hacks,” and “The Pitt,” and a rich vault of movies that includes “Casablanca,” and “One Battle After Another.”
The $31-a-share offer represents a 63% increase over Paramount Chairman David Ellison’s initial $19-a-share proposal for the company in mid-September, and a 147% premium over Warner’s stock’s trading levels prior to news of Ellison’s interest.
“This transaction is the culmination of the Board’s robust process to unlock the full value of our world-class portfolio,” Warner Bros. Discovery Chief Executive David Zaslav said Thursday in a statement. “We are working closely with Paramount to close the transaction and deliver its benefits to all stakeholders.”
Paramount hopes to finalize the takeover by September. It has been working to secure the blessing of government regulators in the U.S. and abroad.
Should those regulatory deliberations stretch beyond September, Paramount will pay shareholders a so-called “ticking fee” — an extra 25 cents a share for every 90-day-period until the deal closes.
The transaction will leave the combined company with nearly $80-billion in debt, a sum that experts say will lead to significant cost cuts.
Paramount Skydance Chairman and CEO David Ellison attends President Trump’s State of the Union address three days before clinching his hard-fought Warner Bros. Discovery deal.
(Mark Schiefelbein / Associated Press)
For weeks it appeared that Netflix would scoop up Warner Bros.
Netflix initially won the bidding war in early December with a $27.75 offer for the studios and streaming services, including HBO Max. But Ellison refused to throw in the towel. He and his team continued to lobby shareholders, politicians and Warner board members, insisting their deal for the entire company, including the cable channels, was superior and they had a more certain path to win regulatory approval.
The Ellison family is close to President Trump. This week, Trump named Larry Ellison to a proposed White House council on technology issues, including artificial intelligence.
Warner’s board, under pressure, reopened the bidding in late February to allow Paramount to make its case. Warner board members ultimately concluded that Paramount’s bid topped the one from Netflix and the streamer bowed out. Paramount paid a $2.8-billion termination fee to Netflix and signed the merger agreement on Feb. 27.
Warner’s board is advising its shareholders to approve the Paramount deal. Failure to cast a vote will be the same as a no-vote, according to the company’s proxy.
Warner’s largest shareholders include the Vanguard Group, BlackRock, Inc. and State Street Corp.
Zaslav has significant stock and options holdings, worth about $517 million at the deal’s close, according to the proxy.
The regulatory filing also disclosed that a mysterious bidder had surfaced at the auction’s 11th hour.
A firm called Nobelis Capital, Pte., reportedly based in Singapore, alerted Warner on Feb. 18 that it was willing to pay $32.50 a share in cash.
The firm said it had placed $7.5 billion into an escrow account. However, Warner’s bankers “could not find the purported deposit at J.P. Morgan,” according to the proxy. And there was no evidence that Nobelis had any assets or any “equity or debt financing” lined up, Warner said, adding that it “took no further action with respect to the Nobelis proposal.”
Business
Video: How Kharg Island May Change the Trajectory of the Iran War
new video loaded: How Kharg Island May Change the Trajectory of the Iran War
By Peter Eavis, Gilad Thaler, Edward Vega, Lauren Pruitt and Joey Sendaydiego
March 25, 2026
-
Detroit, MI1 week agoDrummer Brian Pastoria, longtime Detroit music advocate, dies at 68
-
Science1 week agoHow a Melting Glacier in Antarctica Could Affect Tens of Millions Around the Globe
-
Movie Reviews1 week ago‘Youth’ Twitter review: Ken Karunaas impresses audiences; Suraj Venjaramoodu adds charm; music wins praise | – The Times of India
-
Science1 week agoI had to man up and get a mammogram
-
Sports6 days agoIOC addresses execution of 19-year-old Iranian wrestler Saleh Mohammadi
-
New Mexico5 days agoClovis shooting leaves one dead, four injured
-
Business1 week agoDisney’s new CEO says his focus is on storytelling and creativity
-
Texas1 week agoHow to buy Houston vs. Texas A&M 2026 March Madness tickets