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Loading ...Gay retirement community foreclosed
12.17.2008 3:15pm EST
(Palm Springs, California) A planned LGBT retirement community in Palm Springs that was promoted by lesbian tennis great Billie Jean King has become a victim of the nation’s mortgage crisis.
Land for the RainbowVision project was reclaimed this week by its lender in a foreclosure auction.The land, at East Palm Canyon Drive and Gene Autry Trail, was mortgaged for $9.6 million. The lender, Senior Housing Partners III, took it back, successfully bidding $8 million for the 13-acre site.
RainbowVision had planned to build 184 condos, with a pool and tennis courts, and a clubhouse with spa, nightclub and cafe. It was to have been the first LGBT seniors community in Palm Springs.
RainbowVision president Joy Silver said it is possible the complex will someday be built, but not until the economy improves.
“The only thing stopping us is the economy — the fact that banks have not been in a position to make construction loans,” Silver told The Desert Sun newspaper. “We plan to move forward as soon as the economy allows.”
Dozens of people have paid deposits on the Palm Springs project. Silver said many of the prospective buyers have agreed to keep their reservations intact. Others have had their deposits returned.
The money crunch appears to only have affected RainbowVision’s Palm Springs site.
San Francisco-based RainbowVision opened its first LGBT seniors community in Santa Fe, New Mexico in 2006. It also announced plans earlier this year for other projects in San Francisco and Vancouver, Canada.
The New Mexico project is operating with 100 percent occupancy, Silver said. It features condominiums along with independent-living and assisted-living apartments.
The crisis in the mortgage market has tightened credit throughout the world. In an attempt to free up lending money in the US the Federal Reserve announced Wednesday it would slash its target interest rate to nearly zero.
The central bank also pledged to use “all available tools” to fight the current downturn. It said it was likely that rates would be kept at “exceptionally low levels” for some time to come.
As a gay business owner, that has a target service for older gays and lesbians, I would like to say that I have not raised my prices. I compete in an open and fair market and the idea that I’m trying to take advantage of my own community is insulting. Everyone always wants something for nothing. Wake up! Who do you think is going to pay for our retirement and health care? Certainly not the government. You think they are interested in older LGBT. They don’t even let us marry, let alone help us to live longer. LGBT based businesses are often criticized for reverse discrimination, being overpriced, etc. Meanwhile the people criticizing are doing nothing more than that. Think about it next time you are looking for the rainbow flag in a store window. Rich, perhaps you should just shop elsewhere and go back into the closet while you are at it.
Cyrus, I wake up every morning thanking God that my gay-friendly church is still here to meet needs of those less fortunate, hungry and homeless in today’s hard economic times.
I tried atheism and found it lacking, empty, unhelpful and unfulfilling. I am a guy with things, house, car, family and friends, but knowing things rot, rust, corrode, break can be stolen, burnt, consumed by moths and mold. People can die. So I am grateful for God and for the enormous good work my church every day of the year for our community and for my opportunity through my church to be of service to my community. I plan to give more to my church and less to material things I don’t really need much more of at this point.
I have also contributed time and money to fighting for gay causes and thank God I have the ability to do such when I can.
Sorry to see this happen. However I am amazed at how expensive these Gay retirement communities are compared to non-Gay ones. It’s nice monied Gays can enjoy such communities but it’s a shame profit and status is a major motivation. So many less affluent Gays could be served if the amenities were eliminated or available only at extra charge, housing didn’t include stainless appliances and other upgrades, etc., so they would be affordable to a greater number.
And from 40 years experience living in D.C. and the Metro area, I can attest that the majority of Gay-owned businesses DO take advantage of their unique status by charging higher prices than their straight counterparts all in the guise of “supporting” the Gay community.
AFTER WATCHING ALL THE CRAP PULLED IN THE NAME OF ORGANIZED RELIGION OVER THE PAST DECADE, AND A GOOD READ OF HISTORY, I WAKE UP EVERY MORNING THANKING GOD I AM AN ATHEIST.
Yes, the banks are far too busy hoarding the $700 billion of OUR money for their caviar and private jets to be bothered with lending money for a homo home.