Governor bans property speculators from fire-hit LA for three months

Real estate speculation has been temporarily banned in Los Angeles to protect victims of the devastating fires.

California Governor Gavin Newsom issued a decree late on Tuesday prohibiting unsolicited offers for properties at below their pre-fire market value in the affected areas for three months.

A similar provision was enacted in the US state of Hawaii after the severe fires on the island of Maui in 2023.

“As families mourn, the last thing they need is greedy 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 — some while their homes were burning,” Newsom said in a statement.

“We will not allow greedy developers to rip off these working-class communities at a time when they need more support than ever before.”

The fires, which have been raging for more than a week in the Los Angeles area, are reported to have destroyed or damaged more than 12,000 buildings. At least 25 people have lost their lives and others are still missing.

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