Gavin Newsom Creates $100 Million Initiative to Rebuild LA: Magic Johnson, Dodgers Chair Sign On
Walter, the Mark Walter Family Foundation and the Los Angeles Dodgers foundation have pledged an initial $100 million to get LA Rises going. Additional funds will be raised through private donations. LA Rises will 'marshal the full resources of the private sector' to amplify 'local and state resources.' Donations will be used to rebuild communities most affected by the devastating fires including Altadena, Pasadena and the Pacific Palisades.
'Los Angeles will rise again — stronger, more united, and more resilient than ever,' Newsom said in a statement 'Just as California came together to fight the fires, we will work together to rebuild. With Mark, Earvin and Casey's proven leadership and deep commitment to Los Angeles, we will tap into the enormous creativity, experience, and resources of the private sector, alongside local, state, and federal efforts, to deliver a recovery that benefits all Angelenos.'
City and county leaders have been busy crafting recovery plans for their communities and Newsom said the state is 'mobilizing its resources, coordinating with the federal government and removing red tape. The initiative is unique but given the scale of the devastation the approach will likely speed up the rebuilding process.'
'This is a time for bold action,' Johnson said. 'We are bringing together the best resources and biggest hearts across California to ensure that every Angeleno — no matter their race, socioeconomic status, or neighborhood — has a chance to rebuild and thrive. This is not just about recovery; it is about restoring communities while also making them more resilient and better than before.'
LA Rises will contribute through collaboration, access to capital and financial tools, leveraging innovation and private-sector investment to drive a faster recovery. It will support the broader recovery efforts by:
Fundraising and expanding access to philanthropic and private capital
Formulating financing strategies to close the gap between available resources and the cost to rebuild
Collaborating with other philanthropic and community organizations to maximize the impact of ongoing rebuilding and recovery efforts
Supporting unified communication efforts to arm Angelenos with up-to-date, factual information, timelines for rebuilding, and available resources
Walter, who has pledged the most to the recovery said it was an easy decision to step up and help: 'The LA fires have wreaked havoc on LA's neighborhoods. It is time for those with the means to come forward and make a positive impact to build back better.'
Wasserman also has personal connections to the community. He has been a 'lifelong Angeleno' and said, 'what I admire most about this city is its resilience and unity. There is nothing Los Angeles can not achieve.'
LA Rises will also receive financial support from California Rises, which is a statewide recovery initiative founded by Newsom and First Partner Siebel Newsom following the 2018 Camp fire in Northern California's Butte county.
At least 29 people have died as a result of the Los Angeles fires and over 16,000 structures have been damaged. Many residents remain homeless or evacuated following the devastation.
The post Gavin Newsom Creates $100 Million Initiative to Rebuild LA: Magic Johnson, Dodgers Chair Sign On appeared first on TheWrap.
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