Seniors housing faces higher costs as leads role in vaccine mandates
NEW YORK: The senior housing business, which was one of the hardest-hit commercial property sectors early in the pandemic, is now getting hammered by rising labor costs as it takes a lead role in mandating vaccines for employees.
Within weeks, nursing homes that don’t require workers to be vaccinated against Covid-19 won’t be able to participate in Medicare or Medicaid, the Biden administration said in early August. Meanwhile, more of the largest private-pay senior housing owners and managers either are requiring or are in the process of mandating staff vaccinations.
About 39% of the senior housing organizations surveyed between July 22 and Aug. 8 said they “definitely” or “probably” will impose vaccine mandates, according to the National Investment Center for Seniors Housing & Care. That was up from 21% in the nonprofit center’s survey conducted the previous month.