• SCB@lemmy.world
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    1 year ago

    The people here never owned their homes. They purchased long-term agreements, and as those agreements expired, the owners moved to a different process.

    The “negotiated buyout” is from people ending their leases early.

    • Overzeetop@kbin.social
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      1 year ago

      Okay - you lease a car that includes gasoline and all maintenance. The agreement is that you get to drive it until you die. You pay $80,000 up front for the car and $100/mo for the maintenance, which can increase per the lease. You go along for 4-5 years, and each year your maintenance increases, maybe to $130/mo today, because of the cost of gas and parts needed. You can leave at any time, but if you ever leave or die, you don’t get to keep the car - it still technically belongs to the leaseholder. You forfeit the $80k.

      Well, the company sold and the new owners can’t find enough people with $80k lying around to buy in, so they decided they’ll just change the model to include the cost o the car - and charge $650/mo for the service. You get a letter that at your next annual increase, the monthly fee is going to from $130 to $650 because they’ve changed what constitutes “maintenance” as part of their terms and conditions. You can either stay with the package and pay $650/mo or you can leave and have no money to go find a new car. Oh, and you have no job and are on a fixed income because you’re 75 years old.

      • SCB@lemmy.world
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        1 year ago

        The agreement is that you get to drive it until you die.

        This was not their rental agreement.

        A more apt comparison would be that I’m leasing a car, and after my lease expires, the next lease has higher rates.

        Well, the company sold and the new owners can’t find enough people with $80k lying around to buy in

        This is the opposite of the situation the property owners are in.

        It would save you a lot of pointless stress if you read the articles you respond to.

        • Overzeetop@kbin.social
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          1 year ago

          CCRC buy-ins/contracts are for life. I used to design the buildings for them, I still do design work on existing facilities. I’ve also gone over a contract with my own parents. You essentially pay full price for a residential “unit” and as you require more care you are moved, without additional cost, into a higher care location. The owners than re-“sell” your previous unit to the next resident. When you die, there is no equity that your heirs will receive - in that way it’s like a lease. The contract is for life with an annual escalation for maintenance and service.

    • MotoAsh@lemmy.world
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      1 year ago

      So… you’re just going to pretend like a mortgage and their contract aren’t just contracts with large sums of money attached?

      Your inability to see this as a problem is hilarious and quite pathetic. Your humanity has been replaced with business speak.

      • SCB@lemmy.world
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        1 year ago

        They did not sign a mortgage, because they never one the home. I’d strongly recommend reading the article.

        • MotoAsh@lemmy.world
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          1 year ago

          You are missing my entire point in order to be pedantic. I know it’s not a mortgage. What part of, “they’re both just contracts with a lot of money attached” did you fail to understand?

          • SCB@lemmy.world
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            1 year ago

            The part where you didn’t notice one of those contracts has an expiration date at signing?

            It’s just a silly ass comparison man. I genuinely do not believe you’ve read the article. You’re just lashing out at perceived injustice, from your half-understood perspective.

            • MotoAsh@lemmy.world
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              1 year ago

              Just because it was legal does not make it just. The fact you cannot understand that is frankly pathetic.

              • SCB@lemmy.world
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                1 year ago

                What is this injustice you perceive? You’ve not articulated any claims of injustice.