USA California: Real estate speculation banned in fire areas
To protect the victims of the devastating fires in Southern California, real estate speculation has been temporarily banned there.
15.01.2025, 12:03
SDA
California Governor Gavin Newsom issued a decree banning unsolicited offers for properties below their market value before the outbreak of the fires in the affected areas for three months. A similar decree was issued in the US state of Hawaii following the severe fires on the island of Maui in 2023.
"For grieving families, the last thing they need is greedy speculators taking advantage of their pain," Newsom said. He said he had heard first-hand from fire victims who had been offered sums of cash far below market value - in some cases while their homes were still burning.
"We will not allow greedy contractors to prey on these working class communities at a time when they need more support than ever."
The fires in the Los Angeles area, which have been raging for more than a week, have destroyed or damaged more than 12,000 buildings, according to previous figures. At least 25 people have lost their lives and more are still missing.
