Billionaire developer Rick Caruso announced Monday the launch of a foundation dedicated to accelerating the rebuilding and recovery of communities devastated by January’s wildfires in the Los Angeles region.
Caruso said the initiative, dubbed Steadfast LA, aims to bridge the gap between public and private sectors to fast-track recovery efforts in Pacific Palisades, Malibu, Altadena and other fire-impacted communities.
“Rebuilding these communities and getting people back in their homes isn’t just our responsibility — it’s our job, and we’re rolling up our sleeves to make it happen, full stop,” Caruso said in a statement.
“This isn’t about meetings and paperwork. It’s about getting our hands dirty, breaking through obstacles and physically rebuilding — brick-by-brick, street-by-street,” he added.
Caruso, who made a high-profile bid for Los Angeles mayor in 2022, has been outspoken about what he sees as failures in the city’s wildfire preparedness. He has condemned reductions in the Los Angeles Fire Department’s budget and pointed to critical shortcomings, including depleted water reservoirs and insufficient firefighting infrastructure.
The billionaire, who will serve as the chairman of Steadfast LA, said the foundation will lead its work with five key pillars: infrastructure, rebuilding, community, communication and resilience.
Najla Kayyem, a commercial real estate marketing executive, and who previously worked for Caruso, will serve as the foundation’s executive director.
The group is composed of Kobie Fuller, general partner for Upfront Ventures; Mike Hopkins, head of Prime Video and Amazon MGM Studios; Netflix CEO Ted Sarandos and his wife, former Ambassador Nicole Avant; Andy Cohen, co-chair of Gensler; as well as executives from banking, insurance, real estate and private equity companies.
Caruso told the Los Angeles Times he would commit to solely funding the foundation. None of the companies or executives will be compensated.
Potential outside donors would be paired with schools, churches or others in need, according to The Times.
Kayyem will initially work out of Caruso’s offices at the Grove shopping complex and will later operate in the Palisades. Another office serving Altadena may open at the Americana, the Glendale shopping and apartment complex that Caruso also owns, according to The Times.
Caruso and his family lost three homes due to the Palisades fire — two in the Palisades and one in Malibu.