A Boring Dystopia

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

submitted 1 day ago by technocrit@lemmy.dbzer0.com to c/aboringdystopia@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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[–] douglasg14b@lemmy.world 46 points 1 day ago (1 children)

So even more of the land in this country will be owned by corporations and not people.

Lovely

[–] Lucidlethargy@sh.itjust.works 4 points 1 hour ago

Everyone under the age of 40 has mostly given up on buying a home.

The only exceptions I can think of are couples with dual high paying jobs, or trust fund kids.

[–] ChicoSuave@lemmy.world 20 points 22 hours ago

Because Alta Dena contractors tripled their prices for work in new homes in anticipation of developers. The homeowners who live in the area are either established old families who don't have money but lived in the area for a few generations or are part of the CalTech/JPL crowd that don't worry about money. No one can afford to rebuild even if they wanted to. Not even the engineers. My friends lost their jobs and homes in the same year and they can't go back. DOGE eviscerated JPL.

[–] cheeseburger@piefed.ca 9 points 21 hours ago

Hey remember when this happened after the fires in Maui?

[–] nukeforyou@lemmy.zip 18 points 1 day ago (1 children)

Next, they'll start the fires purpose to buy the land

[–] roofuskit@lemmy.world 12 points 22 hours ago (1 children)

They did start the fires. It was their money that suppressed climate change action for decades.

[–] Crankenstein@lemmy.world 4 points 17 hours ago

And they did so explicitly because they knew the lack of action would create these kinds of scenarios where they can further consolidate wealth and control.

[–] Rhaedas@fedia.io 12 points 23 hours ago (1 children)

hundreds of Altadena families have concluded that rebuilding isn’t in their budget

This is another way of wording that the insurance companies found a clause they could use to deny claims, right?

[–] roofuskit@lemmy.world 1 points 22 hours ago

Was their home insured at replacement cost or actual cash value? And if it was at replacement cost is there a coinsurance value that they were not keeping up with?

If insured at ACV or with a coinsurance that wasn't maintained properly people could easily be getting less than the value of rebuilding.

If your insurance agent hasn't explained these things to you upon insuring your home, get another insurance agent.