I have been thinking about the fire damage in the Palisades and Malibu, that many have been quoting - often in the hundreds of billions losses, etc, based on value...
Well, most of these "losses", which are based on value, are really not losses after all, because their locations has not been damaged. Consider the following:
 Most of the houses are not that big; In fact, many are small, constructed during the 1960s or before. They are NOT large mansions, so physical replacement cost is small. The reality is that almost of  value of those properties is in location, NOT structure; It is the land,  view and proximity to  ocean, and those are not damaged at all. Also, the huge thicket of regulations that prevents, or retards,  any new construction is not damaged.  - it still takes many years, or decades,  to get approval, if approval is ever granted. 
Only the structures are damaged and, in California with its moderate weather, all you need for a basic structure,  for the most part, is slab on ground, 4 walls, roof and utilities. Replacing a basic structure costs very little. There are also interior improvements, and those costs can vary widely, depending on  tastes of  owner. 
So, what is it that justifies those huge values quoted as losses? It is the thicket of government regulations, permitting, from federal to local, that has prevented timely new construction. Getting government approval to build can take decades, if granted at all. 
For example, the cost of building a 2,000 square foot house at $100 per square foot is $200,000. Yet the current value of such a house in the Palisades would be more like $2,000,000, and most of that difference is due to government restrictions that have artificially created scarcity of buildable lots. 
The only thing preventing a rapid comeback for the area is government regulations on zoning and permitting, coastal commission, and similar obstacles. If permits are granted immediately, the area could be rebuilt in 6 months, including streets and utilities. Better yet, if all those government agencies were abolished, prices of those ocean area properties could drop by 50%, and everyone would be better off.