390. We All Live in the Firestorm

[Due to the relevance of this episode — and requests from listeners in LA — we decided to make this week the free episode.] We get into the crossover between the LA wildfires and the FIRE industry – finance, insurance, real estate. Where most people see a hellscape of risk and loss, the FIRE industry also sees a landscape of opportunity and profit. First are reports of landlords and investors never letting a good crisis go to waste as the latter jack up rents for people who need places to stay after losing everything, while the former snatch up burnt homes using the discounts code “devastation.” Second we then get into the simple narratives and material dynamics of how the insurance industry is dealing with the wildfire’s aftermath by leaning into their victim complex while also hiking rates, restricting policies, denying claims, and agitating for regulatory changes. ••• We All Live in the Firestorm: Infinite Crisis and the LA Wildfires https://thetechbubble.substack.com/p/we-all-live-in-the-firestorm-infinite ••• Real Estate Vultures Eye Middle-Class Enclave of Ravaged LA https://www.bloomberg.com/news/articles/2025-01-15/fire-ravaged-altadena-attracts-real-estate-vultures-eyeing-deals ••• Experts say Los Angeles rental prices will ‘inevitably’ spike post-wildfires https://fortune.com/2025/01/11/los-angeles-rental-prices-will-inevitably-spike-post-wildfires-experts/ ••• The costly calamity in Los Angeles https://www.ft.com/content/1ada4ad5-d992-42a2-89d9-99063883f91d ••• L.A. Is Burning. Will Insurance Companies Take Advantage? https://newrepublic.com/article/190048/california-insurance-los-angeles-fires ••• We Will All Be Paying For L.A.’s Wildfires https://www.levernews.com/we-will-all-be-paying-for-l-a-s-wildfires/ Standing Plugs: ••• Order Jathan’s new book: https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite ••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble ••• Subscribe to TMK on patreon for premium episodes: https://www.patreon.com/thismachinekills Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)