Many Grandmas and Grandpas are in serious distress right now. They are saddened by finding themselves being displaced by a corporate takeover of their homes. Currently they live at The Gardens of Wakefield Senior Apartments. Holiday Retirement is purchasing them and making improvements that put the apartments out of the price range of many.
A one-bedroom that currently cost $1,700 a month will increase approximately 30-50 percent for those who can afford the increase now. If they wait until their lease is up, it will cost them an additional $1250 a month. The current residents expected to be able to stay there the rest of their lives and allocated their income accordingly. Their fixed incomes will not accommodate the increase. There are no other comparable senior apartments.
An acceptable solution might be for Holiday to allow current residents to remain at their current rent (+5 percent a year) without taking advantage of the food service and paid utilities for as long as they wish to remain at the Gardens. Also, they should be allowed to convert to the new leases at any time at a preferred rate instead of the going market rate at that time.