I
n response to the devastating wildfires that ravaged Los Angeles earlier this month, leaving tens of thousands without homes, a coalition of prominent multifamily development firms and commercial real estate groups has come together to support affected residents and rebuild the city. The LA Wildfires CRE Pledge for Action is a grassroots initiative focused on meeting immediate needs and creating a foundation for long-term restoration.

    Founding members include Benedict Canyon Equities, Camden, Christina Real Estate Investors, Cityview, Crede Group, Hanes Properties, LaTerra Development, Lincoln Property Company, Marcus & Millichap, Mata Construction, North Palisade Partners, Paragon Commercial Group, TruAmerica Multifamily, and NAIOP SoCal. These firms are partnering with the California Apartment Association to address the crisis.

    "The vacancy rate in most of Los Angeles for apartments is under 5%, making it nearly impossible to find available housing," said Bob Hart, founder and president of TruAmerica. "It's going to take all of us to rebuild."

    The coalition aims to make renting as accessible as possible for affected families by fighting price gouging. Gov. Gavin Newsom has issued an executive order prohibiting rent increases of more than 10% in Los Angeles County through March 8, protecting tenants and making price gouging illegal.

    Companies within the pledge group are offering various services, including expediting applications, reducing security deposits, and maintaining consistent rent levels from pre-wildfire rates. "We're treating fire victims with compassion and immediacy," said Hart. "It's going to take a long time for affected communities to recover."

    The coalition is urging other firms to join the effort, which includes waiving fees and providing assistance to those in need. As one example, TruAmerica has already moved nine families into its properties in Pasadena, including the Hicks family who lost their home to the Eaton Fire in Altadena.