New owners of retirement center should postpone their rent increase

The new owners of Castle Hill Retirement Village should reconsider their rent increase. They called for a substantial increase effective in December only weeks after the former owner hiked the rent by 12 percent in September. The combined increases have hit 50 percent, according to some tenants.

That’s excessive.

Most of us believe in free enterprise. It works because of supply and demand. Prices go up or down, based on laissez-faire.

There are times, however, when capitalism can be abused. The robber barons of the late 19th Century used greed to build extravagant financial empires by creating monopolies and exploiting American labor. They also engaged in profiteering.

We’re not comparing the new owners of Castle Hill to the robber barons of more than a century ago, but we are suggesting that there are moral and ethical responsibilities inherent with being a landlord, especially for senior citizens, some of whom are in poor health.

When you’re dealing with frail older people, there must be considerations beyond the bottom line.

Short of rent control, the new owners have the upper hand. They can be as greedy as they want. In the realm of public opinion, however, they’ve already lost the first round.

A property owner, not unlike a stockholder, is entitled to make an honest return on his investment— assuming his investment is sound and prudent.

A landlord, on the other hand, shouldn’t expect too much too soon.

We hope the new owners will reconsider their rent increase.