Months later, the fires are out, the dust has settled and Altadena residents are looking towards their next lofty challenge of rebuilding the places that they have called home and the buildings that were the sites of dreams realized — but just as this next optimistic phase gets underway, a crop of luxury developers could be ready to grind things to a definitive halt.
The signs were there of what is currently an ever-growing fear, as just one month after the Eaton fire ravaged the Altadena community the first vacant lot available, among the ash and debris, sold for a jaw-dropping $500,000 — which was $100,000 over the initial asking price.
This was the start of the current obstacle facing Altadena residents hoping to rebuild their lives — leaving them questioning how they can go up against luxury developers rabid for real estate in the area, who are essentially pricing them out.
In the months since the Eaton fire, 14 properties in Altadena have been sold and half of those properties were bought by real estate developers or investors, who quickly purchased land in the neighborhood via all cash offers.
There is also another troubling aspect, the majority of these buyers are from outside the United States, adding to the sentiment that money triumphs over the personal connection of loss and rebuilding something anew.
This troubling economic strategy is called “The Shock Doctrine,” a term coined by author and activist Naomi Klein and also the title of her 2007 book about capitalism.
It details how corporations and wealthy elites swoop in to take advantage of crises and push policies forward that solely benefit the wealthy — leaving especially vulnerable communities out in the cold.
This predatory behavior has become so concerning that California Gov. Gavin Newsom signed an executive order in January to safeguard home and property owners.
“All those impacted by these fires, and especially property owners who have lost their family home or business, or even their entire neighborhood, may be traumatized, uncertain, and especially vulnerable to exploitative practices of unscrupulous individuals who seek to profit from this disaster,” the executive order read.
Additionally, civil rights attorney Areva Martin is advising Altadena residents to be extremely careful of exploitative business practices.
“Do not sign anything or accept offers from strangers. Go through trusted friends and advisors, vet people and seek personal referrals. Don’t fall prey to predatory lawyers or developers,” she said.
A community so fiercely built on the hard work, dedication and ambition of its residents, now faces multiple challenges ahead — proving that although the fires have burned out, the unfortunate flames of capitalism are burning brighter than ever.
SEE ALSO:
New Podcast Spotlights Altadena’s Path To Recovery After The Wildfires
Altadena Fires Displaced Thousands, Now The Legal Journey For Justice Begins
Altadena Residents Rebuild, But Luxury Developers Could Stop Them In Their Tracks
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