Governor Newsom Signs $2.5 Billion Wildfire Recovery Package for Los Angeles County
Governor Gavin Newsom has approved a $2.5 billion plan to help Los Angeles County recover from two major wildfires that heavily damaged Altadena and Pacific Palisades.
The plan speeds up rebuilding, funds cleanup, and offers support and protections for survivors.
What You Need to Know
The legislation passed with bipartisan support, showing a shared commitment to help affected communities.
President Biden approved a disaster declaration, providing FEMA grants and SBA loans for homeowners, renters, businesses, and nonprofits.
Key provisions of the recovery package include:
- Expedited rebuilding and permitting processes.
- Funding for cleanup and debris removal in impacted areas.
- Legal protections for wildfire survivors navigating insurance claims and housing challenges.
How It Impacts You
For commercial real estate professionals in Los Angeles County, the recovery package presents both challenges and opportunities:
Permitting and Rebuilding: Faster rebuilding could mean quicker permits and more demand for development services.
Economic Recovery: State and federal funding could boost local economies. Commercial properties nearby may see changes in tenant demand as businesses recover.
Supply Chain and Materials Availability: The increase in rebuilding may lead to delays or higher costs for construction materials and labor. Property owners should plan for potential disruptions in renovations and new projects.
Future Resilience Standards: New building codes may emerge, focusing on disaster-resistant infrastructure. Staying updated will help ensure compliance and prepare your property for future challenges.
Stay Connected
BOMA/GLA will continue to monitor these developments and advocate for policies that support commercial real estate professionals during the recovery process.
Stay tuned on BOMA on the Frontline for updates and resources to navigate these changes effectively.
