In the aftermath of the Eaton Fire that destroyed over 6,000 homes in Los Angeles’s Altadena area in January, another kind of potential crisis is unfolding. In a town once built by working families and craftsmen, the new face of development doesn’t carry a hammer or a blueprint—it carries a spreadsheet.

In the wake of natural disasters, families often face immense pressure to sell—whether from rising insurance costs, the emotional and logistical burden of rebuilding, or uncertain timelines for recovery. Into this vulnerable window steps a wave of acquisitions, often quiet and fast moving, led by companies with opaque ownership structures that capitalize on disrupted communities before they’ve had a real chance to regroup. In Altadena specifically, since the fire, nearly 150 damaged properties have been sold in this close-knit foothill community just northeast of Los Angeles, known for its mix of cottages, midcentury bungalows, and multigenerational households.

After combing through public records and deed filings, I discovered that of those post-fire home sales, at least 50 percent were purchased by corporate entities. This on its own isn’t inherently alarming, as individuals can purchase property through LLCs to limit legal exposure. But it is a rate that far exceeds the national average, where corporate buyers account for roughly 23 percent of single-family home sales. Even more striking, 42 percent of those sales are now held by just six companies, each of which has acquired four or more homes. While this sample size is limited, the concentration of ownership points to a pattern of land consolidation that warrants attention—particularly in a community still recovering from disaster. The paper trail leads to a small group of repeat buyers.

Let’s break down who they are. (None of the representatives associated with these companies responded to a request for comment by the time of publication.)