California landlords are gathering to combat price gouging
BREAKING NEWS: CRE Industry Coalition Pledges Action on LA Wildfires
A group of 15 leading multifamily firms and commercial real estate industry groups has quickly banded together to support residents and rebuild Los Angeles following the 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 (CAA).
With tens of thousands of LA residents displaced following the fires in the Pacific Palisades, Altadena and throughout the 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’re helping LA recover from the most devastating wildfires in California’s history.
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Tom Bannon, CEO of 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
1. Benedict Canyon Equities
2. Camden
3. Christina Real Estate Investors
4. Cityview
5. CREDE Group
6. Hanes Properties
7. LaTerra Development
8. Lincoln Property Company
9. Marcus & Millichap
10. Mata Construction
11. North Palisade Partners
12. Paragon Commercial Group
13. TruAmerica Multifamily
14. California Apartment Association
15. NAIOP SoCal
Bannon reminded apartment landlords it is vital that they adhere to California’s anti-price-gouging law, Penal Code Section 396. Now in effect, the 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.
Source: ConnectCRE
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