Eaton Fire victims call on state to stop real estate speculation: 'This is family legacy'

ALTADENA, Calif. (KABC) -- Victims of the Eaton Fire and local leaders are calling on Gov. Gavin Newsom and the state legislature to help protect Altadena from real estate speculators buying up properties.

A community coalition is working to ensure longtime residents in the historic community are financially able to rebuild, but there are challenges.

"We've seen multinational corporations from outside of the country purchasing up lots in Altadena," said California Senator Sasha Renée Pérez, who is pushing for the state to dedicate $200 million to local nonprofits working to purchase fire-damaged properties through a land trust to ensure that local families can stay.

"The land trust will be built and ran by Altadenians," said Zaire Calvin, who lost his home and sister in the fire. "The land will be protected by that, and that will give the opportunity to keep that for generations to come, and that's for all families. The whole point is that when it goes to a developer, you won't have that chance again. It's gone."

According to members of the coalition, over the last three months, nearly 50% of the 94 post-fire property sales have been to corporate entities, not to local homeowners.

Many of those who have sold their properties have been forced to do so because they simply cannot financially afford to rebuild.

The Eaton Fire broke out on January 7, scorching more than 14,000 acres. At least 18 people died, according to authorities.

Many fire victims either were underinsured or not insured at all.

"The need for me to save this community is an indescribable feeling, meaning that's the only thing that's going to bring me life," said Calvin.

Activists believe speculators are preying on their financial hardship.

"This is family legacy, and if we allow corporations to come in and buy the property, the landscape of this community will change in the next three to five years, and it will not be this, beautiful quaint community," said Pastor Anthony McFarland.