Need for Low-Cost Retiree Housing is Urgent
San Francisco is caught in the vortex of two powerful forces: a fast-growing retiree population and rising rents. Residents over 60 are expected to make up a fourth of the city’s residents by 2030, according to this video project for The San Francisco Standard by Chris Chang, a student in the University of California, Berkeley’s graduate journalism school. And San Francisco rents, after collapsing during the pandemic as people left the city, are on the rise again. A one-bedroom apartment is going for $3,100 per month – second only to New York City – despite a rent control policy that limits annual rent increases. A San Francisco retiree with an unusually onerous rent burden is Shao Yan-Zhen, whom Chang interviewed for the video. The rent soaks up nearly 70 percent of her and her husband’s modest Retirement monthly income. They have been on a waiting list for a federally subsidized…
Originally Published on https://squaredawayblog.bc.edu/
I’m a veteran financial and economics reporter, most recently for The Boston Globe, who has also written for The Economist and other publications. I uncovered scandals during the savings and loan crisis in Texas back in the late 1980s, trekked around the world to cover finance and economics in the 1990s, and ventured into Boston neighborhoods to cover the recent subprime mortgage crisis.
While covering subprime mortgages, I began to see the importance of financial behavior and literacy. Wall Street excesses certainly fueled the crisis, but a poor understanding of complex financial products also played a major role. I interviewed dozens of homeowners in the grip of foreclosure who had agreed to home loans that they did not understand and that their brokers did not or could not explain to them. The consequences for these individuals – and the country – were disastrous.
I use the same dogged reporting skills to cover financial issues of growing importance today, including the personal crisis that concerns millions of baby boomers: Retirement.
