Wed Feb 05 18:00:00 UTC 2025: ## Billionaire Caruso Launches Foundation to Speed Up Wildfire Rebuilding in Los Angeles Area

**Los Angeles, CA** – Real estate developer Rick Caruso has launched Steadfast LA, a new foundation aimed at accelerating the recovery from recent devastating wildfires in Los Angeles and surrounding areas. The foundation, funded solely by Caruso with millions of dollars in initial investment, will leverage expertise from top engineering and technology firms to expedite rebuilding efforts and prevent future calamities.

Steadfast LA boasts an impressive roster of advisors, including executives from Gensler, Parsons, Netflix, Palantir, Amazon MGM Studios, and various banking, insurance, real estate, and private equity firms. These advisors will volunteer their time and expertise to develop innovative solutions, collaborating closely with all levels of government.

Caruso cited Operation Warp Speed and the rebuilding of Lower Manhattan after 9/11 as models for the public-private partnership. He stated the scale of the reconstruction is too large for government alone and aims to dramatically shorten recovery timelines. The foundation plans to address challenges like expediting building permits, utilizing AI to streamline code reviews, resolving supply chain issues, and upgrading infrastructure to enhance wildfire resilience. This includes advocating for underground power lines and improved water infrastructure.

While Caruso’s recent mayoral campaign against Karen Bass ended in defeat, he has emphasized a non-political approach with this initiative. He stated he plans to collaborate fully with Mayor Bass and has already briefed Governor Gavin Newsom. Mayor Bass’ office has expressed support for the initiative.

Caruso’s personal experience with the fires, having lost three family homes, underscores the urgency. The foundation will be led by Najla Kayyem, a commercial real estate executive with experience working for Caruso. The foundation will initially operate out of Caruso’s offices, with plans to establish a presence in the affected areas. Steadfast LA aims to not only rebuild homes and infrastructure but also restore the sense of community lost in the fires.

Read More