California Gov. Gavin Newsom took executive action on Jan. 14 to restrict predatory land transactions for the next three months in areas destroyed by the recent deadly wildfires.
The executive order prohibits unsolicited and undervalued property purchases for three months in Altadena and other area codes, where thousands of homes were destroyed or damaged since the fires broke out on Jan. 7.
“As families mourn, the last thing they need is greedy speculators taking advantage of their pain,” Newsom wrote in a statement on Tuesday. “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.”…