this post was submitted on 29 May 2024
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I don't get what the point is except for investors.
People using it as a "retirement holdings" might try to sell and then find they can't afford to live anywhere in retirement.
People saving property to leave an inheritance have kids waiting for their parents to die so they can afford a home to own.
Actually, w.r.t. to retirement savings it can be valuable as a lot of the better assisted living arrangements will require an upfront payment of hundreds of thousands of dollars for unexpected expenses along with a regular rent expenditure.
This is arguably an awful way to finance elder care and doesn't justify making housing unaffordable but that stored value is useful if you think you'll need assisted living.
It really sounds like the issue there is just another subset of housing (un)affordability.
Oh, definitely... and the consolidation of assisted living into fewer and fewer PE firms should scare the shit out of everyone - but it is important to remember that a few people would be screwed if the housing market suddenly collapsed... that said, we absolutely should deflate this market - we just need to consider some fixes for the house-wealthy cash-poor older folks who might be really fucked by this.
Yeah, I do think the assisted living industry would be forced to adjust though. It's not like the real estate market in general, if the majority of their potential buyers simply don't have enough money it's not like they can pivot to other demographics or attract wealthy people from outside the country.
If things aren't corrected, it won't be long before a whole generation of new seniors is cash poor with no house to sell.