One of the most intriguing economic aspects that will come out of this will be the real estate tax situation in LA. 

One of the reasons LA real estate is so expensive is Prop 13, which keeps property taxes really low, and prevents turnover. After you a buy a house, if you stay, the assessed value cannot increase by more than 2% a year unless there is a change in ownership or new construction. 

I can't even imagine how many homes in the $2-$10 million range were paying taxes on sub $1 million assessed values because they have owned for 20+ years. I believe if they reconstruct the assessed value remains in tact. 

But I think a lot of people will just move, and I found this thing called Prop 19 that says that if a homeowner needs to move Prop 19 allows them to transfer their existing tax base to a replacement home anywhere in California. It is for Seniors, disabled homeowners, and disaster/wildfire victims. 

Think about that...If 1000 people with $5 million dollar homes assessed at only 500K move to a new house that costs $5 million, that means the new tax on these  1000 homes totals $5 million in revenue, instead of the $50 million they would have received.