Los Angeles real estate developer Rick Caruso has launched a nonprofit to help rebuild and restore communities impacted by the wildfires.
Caruso, whose real time net worth is $5.8 billion, according to Forbes, and who ran for Los Angeles mayor against Karen Bass in 2022, started Steadfast LA on Monday.
“You have to have private enterprise involved in this because government alone can’t do it,” Caruso told local FOX 11. “It’s too big.”
Caruso is using his business leader connections in the effort, looking at issues like putting power lines underground and using AI for building code plan checks and corrections.
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He has called Mayor Bass but has not connected with her yet.
“I want to make her very efficient and productive in this,” Caruso said, adding that his nonprofit’s work has nothing to do with politics, even if Bass’ supporters accuse him of politicizing the tragedy.
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“There’s nothing about politics in this,” Caruso told FOX 11. “This is so much bigger than politics and that’s an insulting comment.”
He added that at this time, he is not considering a bid for either governor of California or Los Angeles mayor.
Steadfast LA is spearheaded by Najla Kayyem, a commercial real estate marketing executive who used to work for Caruso, FOX 11 reported. The local TV station says Upfront Ventures general partner Kobie Fuller; head of Prime Video and Amazon MGM Studios Mike Hopkins; Netflix CEO Ted Sarandos and his wife; former U.S. Ambassador to the Bahamas Nicole Avant; co-chair of Gensler Andy Cohen and executives from banking, insurance, real estate and private equity companies are all involved.
The foundation’s funding will come solely from Caruso, he told the Los Angeles Times. None of the companies or executives will be paid for their roles in the assistance.
Caruso, 66, and his family lost three homes as a result of the Palisades Fire, according to FOX 11. He said he would like to see people rebuilding their homes in the communities devastated by fire within a year.
