The Latest in Senior Housing – Mapping COVID-19’s Toll on the Industry to Today’s On-Going Challenges

12/18/23 • 44 min

Our focus zooms in on the critical challenges confronting the senior housing sector in America. We explore the trifecta of concerns: affordability, accessibility, and availability. Additionally, we delve into the transformative integration of technology, an instrumental tool in fortifying safety measures, enhancing communication channels, and broadening seniors' access to vital healthcare services in the US.
During the intense scrutiny of the COVID-19 pandemic, stringent lockdowns
and safety protocols aimed at safeguarding seniors paradoxically exacerbated their isolation. The restrictions on visitations and communal engagements inflicted a toll on mental well-being, leading to heightened loneliness and depression among our senior population.
Beyond the human impact, the COVID-19 pandemic also took a significant financial toll on the industry, especially the skilled nursing sector of the care spectrum. As regulatory leniency during the pandemic shielded financial distress within these communities, a stark reality now emerges—we can no longer defer addressing these financial challenges. With Mr. Scribner actively engaged in the non-performing loan market for this asset class, we anticipate an influx of distressed opportunities surfacing in the marketplace in 2024.

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The Latest in Geopolitics and the Chaos in D.C

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In this engaging episode of Apropos, presented by Ness & Associates and CFA Society New York, esteemed guest Mr. Frank Kelly delves into a compelling discussion on "The Latest in Geopolitics and the Chaos in D.C." and their consequential impacts on global financial markets.

The spotlight was on the pressing geopolitical issues affecting the world, with a particular focus on the ongoing War in Israel. Unprecedented in its nature, this conflict echoes the unsettling trends witnessed in various global hotspots, notably drawing parallels to the intensity of the Ukraine-Russia War, the most significant military confrontation in Europe since World War II.
Unfolding amidst these international tensions is the notable absence of progress in the House of Representatives, with the lack of a House Speaker, amplifying the political gridlock in the most influential democracy in the world. As of the recording date on October 16, 2023, the inability to drive legislative actions speaks volumes about the current challenges faced by our nation.
As we approach the close of 2023 and look ahead to the upcoming election year in 2024, the front-running candidates reflect the deepening polarization within the political landscape, capturing the essence of the present societal turmoil characterized by a profound sense of disorientation and a dire need for decisive leadership.

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The Housing Crisis and Affordable Housing Alternatives

Welcome to Apropos, where insightful conversations meet the intersection of finance, real estate, and the greater societal landscape. In this episode, we're joined by esteemed guest Ms. Shannon Huffer, Vice President at Colliers, and an expert in affordable housing, for an immersive discussion – “The Housing Crisis and Affordable Housing Alternatives" – and the consequential ripples felt in the real estate financial markets.

We begin by providing a comprehensive national overview of the current state of affordable housing. Our discussion sheds light on the challenges faced and the dynamic nature of the affordable housing landscape, especially in the context of recent external factors. Addressing the findings from “The Gap: A Shortage of Affordable Rental Homes” report by The National Low Income Housing Coalition, we explore the shortage of 7.3 million affordable and available rental homes for extremely low-income households. Our focus extends to the disproportionate impact on Black, Latinos, and Indigenous households and ways national policies can address these racial disparities.

Recognizing the need for substantial, long-term investments from the federal government, we delve into specific policies and investments crucial in addressing the nationwide shortage of affordable housing units. This segment aims to provide insights into potential solutions on a broader scale. As we discuss short-term measures, including the potential permanence of the COVID-era Emergency Rental Assistance Program, we evaluate their effectiveness on a national scale. Additionally, we explore the role of federal programs such as the Housing Choice Voucher Program in mitigating immediate challenges.

Turning our attention to local communities and initiatives, we examine their role in shaping and implementing effective affordable housing policies. Drawing from successful examples in the Midwest, we highlight local reforms that contribute to the development of affordable housing solutions. The conversation extends to the importance of expanding federal renter protections, particularly those prohibiting discrimination based on source of income. We explore how such protections can address power imbalances and prevent housing instability, with a focus on the Midwest.

Bringing the discussion closer to home, we explore the role of community engagement in shaping and implementing effective affordable housing policies in our hometown of Louisville, KY. We showcase local initiatives and community-driven efforts addressing housing challenges on a more personal level.