C
alifornia Governor Gavin Newsom has taken steps to protect wildfire victims from predatory real estate practices. Thousands of people have been displaced by the recent fires in Southern California, and some landlords are trying to take advantage of those in need with price gouging. To combat this issue, Newsom signed an executive order that prohibits unsolicited offers on property in 15 zip codes across Los Angeles County.
The ban applies to areas affected by the Palisades and Eaton fires, which have burned nearly 40,000 acres and destroyed or damaged over 7,000 structures. The order makes it illegal for anyone to make an offer on property in these areas for less than its fair market value as of January 6th.
This measure is modeled after a similar order signed by Hawaii Governor Josh Green in 2023. Newsom's office stated that the goal is to prevent greedy developers from taking advantage of working-class communities during their time of need. The ban will be in effect for three months and applies to the following zip codes: 90019, 90049, 90409, 90066, 90265, 90272, 90904, 91001, 91040, 91106, 91109, 91107, 93535, 93593, and 93636.
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California Governor Issues Order to Safeguard Fire Victims from Unscrupulous Real Estate Deals
Order bans unsolicited property offers in fire-affected areas for three months.
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LA's affluent neighborhoods face gentrification threat from investors
Fires may exacerbate LA's affordability crisis, pricing out low-income residents and making the area exclusive to the wealthy.
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realestate
LA's affluent neighborhoods face gentrification threat from investors
Fires may exacerbate LA's affordability crisis, pricing out low-income residents and making the area exclusive to the wealthy.