Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Wall Street Is Now Price Gouging Your Grandma Through INSANE Rent Increases
Posted
February 17, 2023
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February 17, 2023
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9:29Now PlayingReal estate investors are price gouging rent on the elder by up to 39%. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"Two years ago, as Linda Bush’s mobility deteriorated and her husband began struggling with memory loss, the couple decided it was time to downsize from the single-family home in Meadville, Pennsylvania, where they’d lived for more than 46 years.
They moved into a new, nearby apartment building advertising to residents age 55 and over. “We thought we’d have less stress,” says Bush, 71. “Now all I can do is laugh at that idea.”
Bush is now one of dozens of seniors in Meadville who could be forced out of their homes in the coming months, as their Wall Street-backed landlord hikes rents by as much as 39 percent. Their apartments were among the thousands of senior housing units purchased last year by Welltower, a real-estate investment company that also profits from buying up healthcare facilities for seniors — relying, in part, on Americans’ retirement dollars to fund the acquisitions. As its nursing-home investments faltered during the pandemic, Welltower doubled down on acquiring lower-cost senior apartments and squeezing residents on fixed incomes, according to a Lever review of the company’s regulatory filings and investor communications."
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