In the wake of the devastating floods that struck Southeastern San Diego, a dark menace looms over homeowners desperately trying to rebuild. Enter the vulture funds," with giants like BlackRock at the forefront, ruthlessly preying on the vulnerable in Encanto, Shelltown, Southcrest, and Mountain View.
Disturbing reports unveil the heartless tactics of these funds, swooping down on families grappling with post-flood challenges. Exploiting the misfortune of others.
Vulture funds employ a sinister playbook, attempting to snatch up properties at rock-bottom prices from homeowners still reeling from the catastrophic floods.
Southeastern San Diego, already burdened by years of neglect and systemic injustices, faces a new threat in the form of disaster investment. These funds, often targeting uninsured homeowners, offer meager cash deals for damaged properties, planning to flip them for exorbitant profits down the line.
Heart-wrenching stories of local families who watched their multi-generational home succumb to the floods, showcase the callous exploitation by vulture funds. While many aim to rebuild, others in the vicinity have fallen victim to the predatory practices of these financial entities.
San Diego rise up posted on their Instagram:
As a community, we must shine the light on grieving San Diego flood victims, and the vulture entities shamelessly preying on their current vulnerabilities. You heard about it happening in Lahaina. You heard the stories during Hurricane Katrina. But have you witnessed it firsthand? These are multi-generational homes. Some built with the very hands of their elders.
Imagine being fresh from a heart-wrenching conversation with Ms. Michelle, a 50+ year resident- whose 72 year old cancer-stricken mother ended up in the hospital after battling toxic floodwaters while on an oxygen machine- when a real estate rep approaches, eyeing homes in the disaster’s wake.
Can you imagine encountering this insensitivity right after bearing witness to such sorrow?
We have to have more COMPASSION for each other.
We have to DO BETTER as humans.
And as we clearly heard from the community yesterday during the march at Chicano Park, “El barrio no se vende!” THE NEIGHBORHOOD IS NOT FOR SALE!
In one shocking incident, a property owner, allegedly received a paltry $100,000 offer for their home along with a hastily prepared contract. This offer, significantly below market value, underscores the ruthlessness of vulture funds.
Laila Aziz, a prominent figure with the Southeastern Response Team, exposes the deceptive tactics employed by developers associated with vulture funds. Masquerading as saviors, these developers lure homeowners with food offerings only to swiftly pivot to free home appraisals—an attempt to seize properties and pave the way for gentrification.
The vulture playbook, as reported by the Wall Street Journal, is shockingly straightforward.
Investors approach distressed homeowners immediately after a disaster, thrust prewritten contracts upon them, and pressure for on-the-spot agreements. Once properties are secured, these unscrupulous investors turn a blind eye to repairs and promptly resell the lands at inflated prices.
The Southeastern San Diego community must unite against this insidious threat, exposing vulture funds and their predatory practices. It's time to safeguard the vulnerable and ensure that those who have suffered the most aren't victimized further by the opportunistic greed of these financial parasites. We have already reported on the predatory tactics used by BlackRock in glabally or Prosil Acquisitions/Hipoges.
A form has been created to flood relief efforts. Click here more information on the effort.