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Julie Stalmer

Julie Stalmer is a Reader contributor. See staff page for published articles.

Seabreeze Farms in Carmel Valley will cut horses to make room for elderly

Beyond this one senior housing project in this very affluent area, there's a bigger issue at play here and it's not that venture capitalists see senior housing as a "hot investment." It's rather the tsunami of seniors that will come of age in the next decade or two that may be in hot water when it comes to being able to afford housing and care. It's no secret that San Diego has one of the least affordable housing markets in the country. The math is simple - rents won't go down until housing stock goes up. There's no one culprit in this untenable situation, but there are a few usual suspects: communities constantly up in arms over adding density, cities selling off land with affordable housing to developers that build luxury residential units that most San Diegans can't afford, and developers that repeatedly choose to pay a fee in lieu of adding a few affordable units. A fee that rarely ends up in the same neck of the woods from whence it came. A May report put out by the California Housing Partnership (with input from SDHC) pointed to the rental crisis in the county. It states that renters need to make $6,467 a month to afford the median rent of $1,940. Since 2000, median rent has increased by 36-percent while median income for renters has increased by only 4-percent. Add to that, state and federal funding cuts that led to a 69-percent reduction in affordable housing since 2008 - and it's no wonder things seem a bit bleak for senior renters. A 2014 Harvard study funded by AARP stated a concern about the aftermath of the 2008 financial meltdown making households aged 50-64 less prepared for retirement than previous generations, especially among renters. The study suggests that typical senior homeowners have enough wealth to cover 57 months of nursing home costs while median renters can't afford even one month. With one in five people expected to be at least age 65 by 2030 and one in eight aged 75 by 2040, the federal budget is likely to feel the squeeze. In FY 2013, the social security administration reported that social security and Medicare accounted for 41 percent of federal outlay. As the population ages, this percentage will swell. Add in the number of seniors that could be in desperate need of assistance with affordable housing and care and it could well be a disaster of titanic proportions if not planned for now.
— July 11, 2017 8:37 a.m.

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