A Wall Street Landlord Chose A Troubled Company To Run Its Senior Homes. Executives Got A Bonus.
HuffPost
At the coronavirus pandemic's peak, CareTrust turned to a contractor with an alarming safety record to keep its profits flowing.
For the past decade, investors have poured billions into building a massive stockpile of senior housing for aging baby boomers. At the height of the boom, it felt like one of the surest bets on Wall Street. Then came the global COVID-19 pandemic. Now, instead of a guaranteed payday, the commercial real estate firms and senior housing chains that dominate American eldercare have seen demand go over a cliff. Hospitals are sending fewer patients to nursing homes, and no one is moving their mother into an assisted living facility if they can help it. Costs are way up; staff turnover is astronomical.
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