{"id":69940,"date":"2025-01-14T22:58:38","date_gmt":"2025-01-15T06:58:38","guid":{"rendered":"https:\/\/lapost.us\/?p=69940"},"modified":"2025-01-14T22:58:38","modified_gmt":"2025-01-15T06:58:38","slug":"governor-newsom-issues-order-to-protect-fire-victims-from-predatory-real-estate-speculators","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=69940","title":{"rendered":"Governor Newsom issues order to protect fire victims from predatory real estate speculators"},"content":{"rendered":"\n\n\n
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Prohibits opportunist investors from making unsolicited offers on property in fire-ravaged communities<\/strong><\/p>\n

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What you need to know:<\/strong>\u00a0Governor Newsom issued an executive order barring opportunist and predatory investors from making unsolicited undervalue offers to families impacted by the firestorms to buy their land, taking advantage by offering fast cash for destroyed property.<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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LOS ANGELES \u2014 Governor Gavin Newsom today issued an executive order to protect firestorm victims in the Los Angeles area from predatory land speculators making aggressive and unsolicited cash offers to purchase their property. Taking advantage of the disaster and associated trauma, these predatory and exploitative practices endanger the financial well-being and security of vulnerable victims. Today\u2019s announcement will allow the state to hold these predatory speculators accountable through stronger enforcement and prosecution.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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\u201cAs families mourn, the last thing they need is\u00a0greedy speculators taking advantage of their pain. I have heard first-hand from community members and victims who have received unsolicited and predatory offers from speculators offering cash far below market value \u2014 some while their homes were burning. We will not allow greedy developers to rip off these working-class communities at a time when they need more support than ever before.”<\/h4>\n
Governor\u00a0Gavin Newsom<\/strong><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The executive order safeguards residents of hard-hit zip codes in Los Angeles County from these predatory practices. This includes the community of Altadena, a working-class neighborhood that has been especially hard hit by the Eaton Fire, which has damaged or destroyed large swathes of the community, including much of the downtown area, numerous places of worship and cultural centers, countless businesses, and likely thousands of family homes. Undermarket offers by opportunistic investors in communities such as Altadena threaten\u00a0the character and vibrancy of the community and could displace and endanger vulnerable residents who have long ties and investments in the community.\n<\/p>\n

The Governor\u2019s executive order:<\/p>\n