A Land Bank Is Buying Property To Protect Altadena From Displacement
On the evening of Jan. 7, the Eaton fire hit Altadena, destroying over 10,000 commercial and residential homes and displacing thousands of families. Just a little over two months later, and this historically Black community is facing a new threat.
Shortly after the fire, a private developer paid $550,000 in cash for the first vacant lot left behind from the wildfires, about $100,000 above asking price. In the days since, at least 13 more properties have sold, at least half of them by offshore private developers.
But community leaders are working to beat back the tide. Earlier this month, a Pasadena-based housing justice nonprofit purchased a burned lot in the neighborhood, marking the first Altadena property that has been removed from the market and protected in a community land bank.