The OC Register reports
the city of San Clemente approved $75k for a geology study on the site, as it was reported that issues were starting to crop up on April 16th. That article was posted on Wednesday, the day before the slide. Depending on the study (if they continue it) or other investigations, they might decide there is potential for more land to slide and/or they need to patch up the hill like they did south of San Clemente Pier.
They can probably clean up what's near the tracks now, but Metrolink has suspended use of the tracks until further notice in case the land gives out more than it has. I hope the tracks can be cleared for use in short order, but I wouldn't hold my breath.