1. United States
2. Calif.
3. Letter

I am writing to urge you to support legislation that protects Altadena properties from corporate acquisition following the Eaton Fire. The data reveals an alarming trend that threatens our community's identity: of the 289 properties sold since the fire destroyed approximately 9,000 structures in January, 168 were purchased by limited liability investors and private equity firms, compared to only 93 bought by individuals. This disparity is displacing the families and small business owners who built Altadena's character. Shelene Hearring, who operated Two Dragons Martial Arts Studio in Altadena for 18 years, exemplifies this struggle. After losing her business and rental home in the fire, she is now racing against large developers to purchase the property at 2490 N. Lake Ave where her studio once stood. The landowner accepted her bid this week, but she has until November 25 to raise $600,000 through crowdfunding. As of Friday, she had raised only $73,000. Hearring's case represents one of the few, and possibly the only, instances of an Altadena small business owner attempting to buy property they once rented. The "Altadena Not for Sale" movement has launched a petition with approximately 1,500 signatures urging the state Legislature to create greater protections against corporations buying properties in the disaster zone. These protections are essential to prevent what Hearring describes as losing everything to come back to: "If we don't hold the fort down, there will be nothing to come back to." I ask you to champion legislation that prioritizes individual homeowners and local small business owners over corporate investors in post-disaster property sales. Altadena's Black-owned businesses, families, and community institutions deserve the opportunity to rebuild without being outbid by private equity firms. Our community's future depends on keeping Altadena local and ensuring residents can return home.