7 days ago
- Business
- San Francisco Chronicle
Letters: Lay no Prop 13 guilt trips on older homeowners
Regarding ' The Graying Bay Doom Loop ' (The Graying Bay, July 14), I'm tired of YIMBYs bashing old folks for having the temerity to age in place in their homes.
They seem to think it was easy buying a home 40 or 50 years ago before the days of high-tech salaries, with interest rates at 10%. It wasn't. That old house has gained tremendous value, but what's an elderly person supposed to do if he sells it for $2 million? Some Bay Area retirement communities charge that as an entrance fee!
The old house would probably be scraped to make room for a $5 million or even $10 million home, as I've seen happen multiple times on my street. How many young families can afford that?
Instead of blaming the greying population, look to investors who, according to BatchData, now own roughly 20% of the nation's 86 million single-family homes.
Grandma and Grandpa deserve to stay in the home they love — and can still afford, thanks to Prop 13. Don't lay a guilt trip on them in their golden years.
