After winning a staggering $2 billion in the US Powerball lottery, Edwin Castro has set his sights on aiding a community devastated by wildfires. Castro, along with other wealthy individuals, has purchased 15 fire-damaged lots in Altadena for approximately $10 million.
Altadena, a town near Los Angeles severely affected by the catastrophic wildfires that claimed 31 lives and scorched 57,000 acres, is where Castro plans to carry out his revitalization efforts. Despite concerns about potential loss of the town’s “small community feel,” Castro aims to assist local families and restore the area.
In an interview with The Wall Street Journal, Castro expressed his desire to preserve the neighborhood’s essence, stating he wants it to resemble its pre-fire state. While Castro has no intention of giving away his properties, he plans to sell them at market value without seeking excessive profits.
The report also reveals that Castro is considering selling the properties exclusively to families rather than investors and is contemplating building his own residence. However, there is growing pressure from a petition opposing investors, citing fears of drastic changes to the area’s affordability and appearance.
In response, Governor Gavin Newsom issued an executive order in January to curb speculative development, emphasizing the importance of protecting families from exploitation. Castro’s spokesperson emphasized his deep connection to Altadena, highlighting his investment as a means to support local homeowners and preserve the area’s charm.
Despite criticism labeling the situation as “disaster capitalism,” developers have acquired more than half of the properties sold in Altadena, raising concerns about the town’s future. Iris Craige from the non-profit organization SAJE criticized the situation as exploitative, describing it as a “second wave of disaster” for Altadenans.