They say there are only two sure things in life: death and taxes. Thanks to unbelievable gains in medical technology in recent years however, most Americans are now able to delay the former inevitability for decades longer than their ancestors. Because of this, at a time when America’s real estate industry is struggling, there’s one market sector that’s proving to be recession proof: senior housing.
According to a recent article in the New York Times, “[d]emand for nursing homes, assisted-living facilities and retirement communities is expected to balloon in the next two decades as baby boomers retire and the incidence of progressive illnesses like Alzheimer’s disease increases. The number of Americans over the age of 65 is expected to double to 71 million by 2030, and 7.7 million of them will suffer from Alzheimer’s disease, a 50 percent increase from today, according to the Alzheimer's Association.”
In the words of one industry insider, “it’s a great time to develop senior housing.”
Why the commodification of aging? Well, as the article points out, America is undergoing a remarkable demographic shift that is changing the face of our nation. Because people are generally having fewer children, there are fewer young people to take care of their aging parents. There are more elderly men and women requiring long-term care and fewer young people to provide it. Thus, the only resource available to meet this need – aside from our crumbling entitlement infrastructure, of course – is the profit-driven real-estate industry. This is how denigrated the aged have become in our culture’s eyes. Because we have failed to enact responsible entitlement reform, and because we have increasingly eschewed traditional family arrangements in favor of a uni-generational, “me, myself, and I” mentality, the fate of our parents and grandparents now rests in the hands of an industry that time and again has chosen the bottom line over the health and welfare of its elderly wards.
Indeed, many today speak of the elderly as if they are merely parasites draining our time and money. Older men and women are often treated with little respect. I see it every day in my law practice, where I frequently represent men and women who are victims of nursing home abuse and neglect. Weak and helpless elders are at the