In the aftermath of devastating wildfires, real estate investors are targeting fire-stricken communities in Los Angeles, seeking to buy damaged properties at discounted prices. This has sparked concerns among residents, particularly in Altadena, a historically Black middle-class neighborhood, that the fires will accelerate gentrification and displace long-time residents.
Danielle Neal is a fourth-generation resident of Altadena who saw the house she grew up in and the apartment she rented burn down in the wildfires that swept through Los Angeles County.
Los Angeles has already gone through multiple waves of gentrification. A January study from the University of Southern California found that the region’s housing problems were decades in the making, tied to tightened loan standards and limited construction. The fires could push residents grappling with an existing affordability crisis to the brink, making the Los Angeles area accessible only to the rich.in fire-affected areas for three months.
“Some people who are massively underinsured are going to need” to sell, she said. “If my job is to help someone out of a bad spot, I’m going to help them out of a bad spot.” Moody’s advice to survivors is to “not jump the gun” on accepting offers and to be patient. He reminds them that the Federal Emergency Management Agency has only just arrived and is accepting applications for assistance from both the insured and uninsured.
His company posted an ad online last week that read, “Companies like Gordon Buys Homes buy fire-damaged properties in Los Angeles, so those who can’t or won’t rebuild after such a big loss have an option.” In an interview, Gordon said the ad was an automated marketing mistake and “a little too soon” for his taste.
WILDFIRES GENTRIFICATION INVESTORS REAL ESTATE DISPLACEMENT
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