Allow seniors to remain in their homes whenever apartment complexes undergo renovations, without being 'required' to either relocate to a newly-renovated apartment (at a higher cost), or move out.
Why is this important?
Currently, an estimated 46 million Baby Boomers are eligible to retire this year, and many of us (who are single or widowed) are already enjoying the luxury of (no-maintenance) apartment-living. However, what seems to be 'trending now' are out-of-state (and sometimes, out-of-touch) property-management companies who are buying-to-renovate (most often) sub-standard apartment complexes, which may be good for (their) business, but at the same time, is critical for many seniors who are now facing displacement or the possibility of becoming homeless. Most of us aren't advised that our leases aren't automatically being renewed until after we've signed another lease (as it was in my case), so now we're confronted with 2-year waiting lists or 'no longer accepting applications' should we 'be required' to move and find residency elsewhere. And our Social Security income will never increase to an amount where we can either afford the newly-renovated units (which have increased to $200 or more), or meet the '3x-your-rent' requirement should we have to move. Therefore, we'd like to be 'grandfathered-in' (so to speak) to our current apartment homes. We're reliable, and we intend to 'stay-put', both good reasons why management companies can 'bank' on us.
