Real Estate Speculators Are Swooping In to Buy Disaster-Hit Homes

“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. Some landowners have become millions of immediate millions, who sold 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 warn of this, and the call to housing policy and other recovery policies to observe improvement. [They] Try to prevent him.

In the aftermath of The Eaton Fire in Altadena, California, earlier this year, half of the household purchases by limited liability companies were, according to DWell, News Design. 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 land covered is constantly bounces, which means that buyers can turn the land 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.