LOS ANGELES--(BUSINESS WIRE)--A group of 15 leading multifamily firms and commercial real estate industry groups have quickly banded together to support residents and rebuild Los Angeles following the devastating wildfires that struck the city the week of Jan. 7, 2025. The LA Wildfires CRE Pledge for Action is a grassroots initiative focused on meeting the immediate needs of people in affected communities across Southern California and creating a foundation for longer-term restoration. A central focus of the initiative is to fight price gouging by apartment owners, a priority championed by the California Apartment Association.
With tens of thousands of Los Angeles residents displaced following the fires in the Pacific Palisades, Altadena, and throughout the Los Angeles region, reports of price gouging on rentals for apartment units and single-family homes are creating concern among those seeking short-term housing. California landlords are gathering to combat price gouging and pledging to work with third-party property management companies to ensure that housing is made available to those in need as quickly as possible and without barriers to entry.
Bob Hart, President and CEO, TruAmerica Multifamily, said: “TruAmerica is working with its third-party management teams to ensure that lists of available units are distributed as widely as possible to those impacted by the fires and reducing qualifications like application fees and credit checks, expedited move-ins and reduced deposits in order to get impacted families housed as quickly as possible. I’m calling on other California landlords to commit to doing the same and to pledge against price gouging as our community heals.” Hart gathered a group of industry leaders this week for a special episode of his podcast, Building Better Communities, to discuss how they are helping Los Angeles recover from the most devastating wildfires in California’s history.
Leading commercial real estate companies started by asking, “how can we help our community?” That quickly materialized into a call to action to “do good,” as they recognized the long-term health of the community requires everyone to collaborate and immediately act to address fundamental needs, while creating solutions for future rebuilding efforts. The California Apartment Association is helping set the stage via the LA Wildfires CRE Pledge for Action.
Tom Bannon, CEO, California Apartment Association (CAA), said: “This call and pledge for action is a relevant, meaningful and actionable initiative focused on restoring the affected communities across Southern California. A critical component to meet the sudden and urgent housing need is getting landlords across the region to commit to fight price gouging. It is encouraging that so many firms have already joined with us in this community restorative endeavor. We urge more firms across the CRE industry to be a part of this vital cause as we contribute to Los Angeles’ resilience.”
LA Wildfires CRE Pledge for Action Supporters (As of Jan. 15, 2025)
Companies, Associations and Trade Groups
- Benedict Canyon Equities
- Camden
- Christina Real Estate Investors
- Cityview
- CREDE Group
- Hanes Properties
- LaTerra Development
- Lincoln Property Company
- Marcus & Millichap
- Mata Construction
- North Palisade Partners
- Paragon Commercial Group
- TruAmerica Multifamily
- California Apartment Association
- NAIOP SoCal
Bryan Hanes, President of Hanes Properties, said: “We are stepping up to support those affected by offering immediate housing assistance. Our goal is to help wildfire victims find safe and comfortable homes as quickly as possible so they can begin rebuilding their lives.” For displaced wildfire victims, Hanes Properties is offering month-to-month leases by waiving a 12-month lease requirement; offering the first month's rent as a free concession, which requires a 12-month lease; refunding application fees; waiving security deposits; offering up to 12 months of pet rent or deposits; rental rate freezes; and purchasing and providing a refrigerator if needed for wildfire victims.
“These are investments we’re making in our community and being a part of the community to make sure people have a home as quickly as possible,” Hanes said.
Hanes also worked with Barrett Automotive and local community groups in Westlake Village to create a donation drive for non-perishable food, household needs, PPE, diapers and more. The response has been overwhelming, filling a semi-truck and 28 pallets of donations, which will be distributed through local organizations to those in need.
Carter Powell, Regional Vice President, Camden, said: “As the last week was unfolding, the first consideration was the health and safety of residents then our teammates. We focused on being the best neighbors. Our message is, ‘we are here, and here to serve residents.’” The effort then focused on finding ways for the company to play a bigger role in the community rebuilding effort. Camden is temporarily waiving application fees, offering flexible lease terms, and freezing new lease rates at its communities in the area. The company is also working locally to help those impacted by the fires, as well as via its national Camden Cares program by collecting needed goods at properties across the Western Region that will be directed to those impacted by wildfires in LA.
Sean Burton, CEO, Cityview, said: “It is going to take all of us to rebuild. The scope of what’s happened is almost unimaginable. The rebuilding and recovery effort will be a massive undertaking, beyond even the Northridge earthquake. Housing and shelter are critical immediate issues, but we also must address infrastructure needs like power, water and utilities, as well as such issues as lost tax revenue, lack of schools, stores or churches. The scope is immense and it's going to take an all-hands-on-deck approach from business, real estate, local, state and the federal government. We need a coordinated organization to channel everything into action to begin to get us back on track.”
Chris Tourtellotte, Managing Director, LaTerra Development, said: “These wildfires have impacted those across all socioeconomic conditions so housing needs will need to be met at multiple levels. We are offering vacant units at properties for low cost, some for as much as just a dollar to help people bridge to recovery. We are being as helpful as we can in the community, even if that means helping just one person, that can be as impactful as helping many.”
CAA’s Bannon reminded apartment landlords it is vital that they adhere to California’s anti-price-gouging law, Penal Code Section 396. Now in effect, this law limits rent increases to no more than 10% above pre-emergency levels after an emergency is declared.
The LA Wildfires CRE Pledge for Action has set up a resource page at CRE Pledge for Action to learn more about the relief resources available and find out how to join this rebuilding effort.
