Socialize, De-Commodify and De-Financialize Long-Term Care.

ABSTRACT

For-profit ownership of long-term care (LTC) homes for the elderly is linked to worse outcomes for residents. In Canada, there has been an increase in financialized ownership in which seniors' housing (LTC homes and retirement residences) is run as products for investors. The top 10 firms have doubled their holdings from 2003 to 2020, and currently 33% of seniors' housing (including 22% of LTCs and 42% of retirement homes) is owned by private equity, institutions or other financial firms. The business strategies of these firms drive profits not only from real estate but also from domestic and care operations. During the COVID-19 pandemic, for-profit and financialized operators in Ontario have stood out for having higher death rates in their LTC homes. A radical remaking of the sector is necessary to take the profit out of care.