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badbrainstorm@lemmy.world

Investors are buying close to half the empty lots in LA burn zones, report says (laist.com)

submitted 1 week ago by technocrit@lemmy.dbzer0.com to c/losangeles@lemmy.world

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Shortly after the Eaton Fire destroyed thousands of homes in and around Altadena, signs sprung up across the community announcing “Altadena is not for sale.”

Now, nearly one year later, hundreds of Altadena families have concluded that rebuilding isn’t in their budget. In nearly half of recent deals for empty lots, homeowners are selling to investors.

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[–] venusaur@lemmy.world 3 points 1 week ago* (last edited 1 week ago)

It was a good sentiment but we all knew Altadena was for sale. Most people don’t have the money to pay for a home while waiting to rebuild their last home and we all know insurance isn’t going to help with that. Not to mention the concerns about the environmental effects that fire had on the foundation and surrounding areas.

Plus, many who lost their homes were older generations. They’d gladly take a fat check and move to a new home then wait for years to rebuild. They just barely finished leveling some places after a year.