Real estate speculators move to buy disaster damage

“Hello Gina, I hope you will spend a great day,” he said, after two weeks. “My name is Christine, I buy lands. I am communicating to find out if you have any plans to sell a lot.” The text was signed by “Twin Acres”. The twin acres is not a registered real estate broker. Grrist’s attempt to send the number was not answered.

Sometimes, Micheli said, she answers the texts. “It depends on my mood. I think there was time or two I said,” Go to hell. “She has no plans to leave. She raises her family at home that her husband’s ancestors bought, and she has a local beer factory.

He calls some theorists This phenomenon “disaster improvement”, when real estate investors immerse a disaster area to buy damaged real estate at a cheap price.

Samantha Montano, Professor of Emergency Management and Book Author DisasterShe spent years to live and work in New Orleans after Hurricane Katrina, and I saw that happening with her eyes. In areas such as the bottom ninth wing, some people displaced on the storm had no resources to return. The speculators rushed in. Some landowners have become Furiture millionairesSelling their property to developers outside the country in the hope of rebuilding their property and heart.

“The issue of improvement in New Orleans was there from the beginning,” Montano said. “There were many groups that were warning of this, and calling for housing policy and other recovery policies that should be calculated for improvement. (They) tried to prevent it.” Twenty years later, the demographic composition of the New Orleans: The population with lower and black income was DrainMore white, the wealthy new population took their place. She said: “This is certainly intertwined in a large extent in recovery and who managed to reach resources to return and rebuild – and who did not do.”

In the aftermath of the Etone fire in Altadina, California, earlier this year, half of the home purchases by limited liability companies were, According to housingHome Design News website. This is nearly twice as much as they represent compared to individuals who buy homes. Only six companies – among them Ocean Development Inc. And Black Lion Properties LLC – presented these transactions in Altadena, where they spent millions of dollars to buy destroyed real estate in historical black neighborhoods. It is difficult to know who these companies are: often, they call potential sellers through fake phone numbers or under the names that are not necessarily associated with real companies.

The value of the lands covered constantly Return quickly, This means that buyers can turn the ground or homes – sometimes even without repairs. Since climate change feeds on more severe natural disasters in the United States, it appears that “disaster investors” are ready to make more profits than ever – and societies like North St. Louis stands the burden.

A mark for sale in Altadena, California, in March, three months after forest fires in the region.Photo: Juliana Yamada/Geti Em.