the number of Americans over age 80 is projected to Surge over the next 25 years from 13 million today to over 32 million by 2050 senior housing is really facing a watershed moment as the uh baby boomers begin to turn 80 senior housing construction has been outpaced by 80 plus growth since 2022 and that Gap is only set to continue as the Boomers grow by about 40% by the end of the decade it’s really on the supply side that the issue has manifested so the pandemic brought inflation to construction costs as well as uh an historic increase in interest rates and the effect of that has been to make the cost of development basically Out Of Reach for most markets I have been fortunate enough to watch our industry go through two very big cycles and back in the mid90s when Assisted Living hit Wall Street a bunch of companies went public and they built a lot of assist to living and then we had the com bust and things slowed down again um and what was good from that is it took all those buildings that we built and filled them up and then when the recession hit in 08 to10 we had a lot of product on the market and people weren’t moving in so now as we come into a new economic climate it is probably the lowest I’ve seen on construction starts maybe in my 30 years