The housing crisis is hitting seniors and developers hard in San Francisco underscoring the need for age-restricted affordable housing.
For one recent development in Hayward, which had 50 units available for seniors, received more than 4,500 applications from residents aged 60 and over, and had a physical line-up that began forming as early as 4 a.m., according to Bisnow. The surging demand has created a 10-year wait list for dedicated senior housing and the situation is not unique to San Fran.
Nationwide, the number of senior tenants is expected to rise by 1.3 million people by 2020. Between 3 to 4 million seniors in the U.S. are expected to be seeking senior housing by 2030 and, without significant changes, most will have to look at private developments despite the demographic’s increasing need for financial assistance.
About half of retiring Americans have no retirement savings, as cited in a report by the Economic Policy Institute. Among retirees who do have savings, the average sum has increased since 1980. [Bisnow]—Erin Hudson