The article makes it sound like someone bought the place and jacked up the monthly maintenance fee by $5000 just because “fuck you.”
That’s exactly what they did though. It’s like buying a lifetime app purchase and then a few months later the app goes subscription based and demand you pay more, except this is people’s shelter.
The article makes it sound like someone bought the place and jacked up the monthly maintenance fee by $5000 just because “fuck you.”
Well, given that they bought in under the lump-sum + maintenance model and have somehow been “upgraded” to the rental model, that’s exactly what happened. It would be like buying a home and then the old owner coming back and saying, “you know what, I could get more money renting this place - you have to pay rent now.” These people likely sold their house and used that money to buy into the community - essentially paying for the right to use the building until they die. It’s common in CCRC facilities (continuing care retirement community). You essentially pay for the plant and then pay maintenance, and they guarantee that they will have a spot for you in their care facility as you need more assistance (Independent living -> Assisted Living -> Nursing and/or Memory Care - Hospice). It’s much like a reverse mortgage in that you “buy” your “home” and get to live in it until you die, at which point the deed is turned over with your heirs getting nothing. Except that in this case you don’t get a monthly payment; instead you pay a fee for the facility services which is free of a rent cost. As you move up in care, the fee gets larger to cover the additional services (additional meals, personal assistance, and ultimately nursing care), but it’s just for utilities and services - your payment covers the physical buildings. As you move up, people behind you buy in and that money is used for (CEO bonuses) maintenance and updates to the buildings. Many of these are “non-profits” so the extra money technically isn’t for profit, but there are lots of corporate mouths to feed in CCRCs and they find ways to distribute the money.
Uhh… that’s EXACTLY what it sounds like? Or are you one of those morons that cannot read between the lines of corpo speak?
“negotiated buyout process” my ass.
And yet they’ll all still vote Republican.
A majority of Democratic voters (57%) were ages 50 and older in the 2022 midterms, compared with 51% of Joe Biden’s voters in 2020 and 53% of voters who supported a Democratic House candidate in 2018. Just 14% of Democratic voters were under the age of 30 in 2022 — similar to the 15% of Democratic voters who were in this age group in 2018, but less than their share of Democratic voters in 2020 (17%).
Seven-in-ten Republican voters were 50 and older in the most recent election, compared with 62% of Republican voters in 2020 and 68% in 2018.
All that proves is that old people vote more than young people. Not that a majority of old people vote Democrat.
Those are people who actually voted in the off-year election, not people whos view or registration. https://www.statista.com/statistics/319068/party-identification-in-the-united-states-by-generation/ shows that those in Gen x and above (43 year old an above) Republicans have a ~10% margin over Democrats. Even Pew agrees that Party or Leans-Party favors Republicans in the over 50 group by roughly the same margin https://www.pewresearch.org/politics/2020/06/02/the-changing-composition-of-the-electorate-and-partisan-coalitions/
Illinois has been voting blue since 1992, the current president is a Democrat, what does this have to do with republicans?
Hahahahahhahahah. Another person that doesn’t realize that Chicago votes blue, but almost of the rest of the state is a deep, deep red.
My representative is January 6’s Mary “hitler is right” Miller.
But the article specifies chicago area, ie cook county which votes blue
Edited for semantics
What’s with all the news from Chicago in this community?
Market rate, bitch, pay up or hit the streets. #trump #republican #deregulation #sarcasm
Landleeches gonna landleech
One of my old landlords did this to me after I reported them to the city for ignoring severe water damage for 2 months. The city sent a health inspector who took one look and said they had to fix it. Landlord showed up with his goon squad to intimidate me, then hit me with a 200% increase.
Sam Zell was doing the same shit in the '00s (and still is) and even in the same area https://www.chicagotribune.com/news/ct-xpm-2007-05-27-0705260052-story.html this one ended up with my grandmother losing her retirement plans she financing.
There’s always scams and they often target those most vulnerable who can’t fight back. You’d think there should be some protections or safety nets but gods of capitalism require blood sacrifices
I’m not sure if you read the article, or if your grandma was fabulously wealthy, but everyone involved here is rich as shit.
People like French paid a few hundred thousand dollars upfront to live in the community, then taxes, utilities, and a maintenance fee every month. In recent years, that maintenance fee has risen above $1,300.
“We thought that was outrageous,” French said. “Little did we know what was coming.”
What was coming was $6,150 a month, a more than 300% increase from new property owner, Jaybird Senior Living.
These are wealthy people who paid hundreds of thousands upfront to a place they still technically rent from. They can easily move, and they absolutely have the money to fight back.
Senior living is often fraught with bullshit but these people are just angry that their gated community got more expensive. They weren’t priced out, they were annoyed.
Going by the first sentence of your link, these are two very different situations
The head of Illinois’ mobile home owners association, Terry Nelson, is elated.
The homes in the article we’re commenting on are quite different from mobile homes.
Same area, st Charles and Elgin are one town apart. It’s been a while since I checked but I think $100k-200k would be the average house price in the area. I’m a little closer to the city than those burbs and tiny foreclosures that aren’t even up to code can be 200k.
So yeah that might be rich compared to some areas but for this area it’s not but all surprising.
This news are actually quite similar. You’ll find in both people investing heavily, most of their retirement savings, to establish themselves and then the management company or property owner jacking up the rent to the point where people can no longer live there and have to abandon their investment/retirement fund. Not too complicated of a comparison really.
If $200k is the average house price, now you can begin to see that
A) these are not average houses
B) these people are not struggling, at all, to make ends meet
Because these are very different situations
These are retirees who likely have pensions and 401Ks built up over half a century.
If you want to talk about wealthy people, what about the people who likely spent tens of millions of dollars to buy out the community and then jacked up fees by $50k per year overnight? Why can’t they be the ones suffering rather than some 95 year old woman who now needs to move and leave everyone she knows behind?
So old people should never have contracts that expire? That doesn’t seem like it would benefit the old people much.
Like I just don’t understand the outrage. They’re inconvenienced and old?
