I'll dispute that claim right off the bat.
People with Money & Privilege won't be going homeless here. They'll be in hotel rooms or in the mansions of friends whose houses did not burn. The house that burned up probably wasn't their only house, at the very least they have a condo at a ski resort or a sailboat moored at a marina. If they are truly rich and privileged and not one of the many who "own" everything on credit, they can at the very least simply sell off $300K worth of their stock portfolio and buy a Class 1 Diesel Pusher Motor Home.
What is true however is that many of the people who SEEM rich live beyond their means, and that is particularly true of movie and rock stars who are often "nigger rich" and spend their high incomes on fancy cars, big houses and a Coke habit. While some of them are smart enough to take part of their big paychecks and invest it, others go to a bank and based on the $1M paycheck they got for their last movie take out a mortgage on a $20M mansion. If they don't stay on the A-list and keep getting the big paycheck roles, in a couple of years they burn through the money and they're broke.
In any event, most of the high income people will be OK in the short term, they're not gonna be street level homeless. However, people who were mid-level in the entertainment biz who were making $150-200K and had a nice Mercedes might be among those who find themselves truly homeless pretty quick. They may not be able to find a place in the neighborhood to live and they might not be able to hold on to the high paying job they had. Folks in that situation can fall off the cliff quickly, but they aren't truly "rich & privileged".
RE