St. Charles, MO Martha Bray, a Vietnam War veteran, thought she had found the perfect place to spend her retirement years at River Glen of St. Charles, a senior living community. However, Bray's peace of mind was shattered when the facility was sold to a private equity firm. The new owners promptly increased Bray's monthly maintenance fee by a staggering 365%, from $1,395 to $6,500.
"It was a complete shock," Bray stated. "I never imagined anything like this could happen." The rent hike has placed an immense financial burden on Bray and other residents, many of whom are on fixed incomes. They are now forced to make difficult choices between paying for essential needs like medication and keeping their homes.
The situation at River Glen raises concerns about the growing trend of private equity firms acquiring senior living facilities. While such acquisitions can sometimes lead to improvements in services and amenities, they can also result in drastic cost-cutting measures and increased fees, putting vulnerable seniors at risk. Advocates for seniors are calling for greater oversight of these transactions to protect residents from predatory practices and ensure affordable housing options remain available.
Vietnam Vet Faces Steep Rent Hike at Senior Living Community
A Vietnam veteran in St. Charles, Missouri, experienced a dramatic rent increase after new ownership took over her senior living community. Martha Bray's monthly maintenance fee at River Glen jumped from $1,395 to $6,500. The sharp rise followed the facility's sale to a private equity firm, leaving Bray and other residents struggling to afford their homes. This situation highlights the vulnerabilities seniors face when their housing is impacted by corporate acquisitions.
Source: Read the original article at NBC