Informal rentals take place in countries such as the United States, Brazil, Nigeria, India, England and the Baltic States. [10] Typically, informal tenancy involves not providing proof of payment, meaning that the slum lord is able to change the price day after day and intimidate tenants into seeking help from local authorities. People who have a negative opinion of slum lords blame them mainly for the decline in local property values and for the creation of entire slum slums. Some of these people say that slum lords steal the “wealth” of the poor, without regard for future generations or the well-being of their current tenants. In fact, they see slumlording as a force that goes against gentrification. [ref. While gentrification describes the result of a variety of local landlords making crucial improvements to rental properties that add value to their rental units, justify rent increases, weed out less affluent tenants, and generally increase property values in the neighborhood, slumlording naturally leads to a gradual general deterioration in living conditions. public safety, neighbourhood prestige and, ultimately, property values. A slum lord may also hope that his property will eventually be bought by a government for more money than it is worth in urban renewal, or by investors as the neighborhood where it is located undergoes gentrification. In Johannesburg, in areas suffering from urban decay, there are often landlords who, according to the government, exploit their tenants and encourage them to stay in buildings that do not comply with fire safety regulations.
[5] In the UK, local councils deal with private landowners; Without proper scrutiny, this can allow landlords to fill properties below rent code with subsidized tenants. [6] Some slum lords are more interested in the profits they have acquired through flipping, a form of speculation, than in profits from rental income. The slum lords with this “business model” cannot maintain their property at all or pay the municipal property taxes and fines they accumulate in large quantities. Knowing that it will take years for a community to condemn and confiscate or eventually demolish property, the slum lord can expect to sell it before that happens. These slum lords may not even bother to keep track of their mortgage payments if they become rich but cash-poor, or if they feel they can sell the property before it is seized and taken over by their lender, usually a six- to eight-month process at its fastest. The term “ghetto owner” was also used. A “commercial slum lord” is someone who keeps a shopping mall in poor condition until the government buys or confiscates it. These sample phrases are automatically selected from various online information sources to reflect the current use of the word “slumlord”.
The views expressed in the examples do not represent the views of Merriam-Webster or its editors. Send us your feedback. The origin of the term “slumlord” is unknown, but an initial mention can be found in a 1927 newspaper article entitled “Theories, Facts, and Figures” by William L. Hase in the journal “Garden Cities & Urban Planning; a journal for housing, urban planning and civic improvement”. Hare credits the “polemical press” of the time with referring to the owners of areas designated as slums as slum lords. [3] In contrast, slum lords typically do not contract with property management services, perform very little or no maintenance on their property, sometimes just enough to meet minimum local habitability requirements. In some circumstances, such as in Cleveland in the early years of the Great Migration, landlords raised rents for African Americans to take advantage of their difficulties in finding housing. The claims in this regard prompted the Cleveland Chamber of Commerce to conduct a survey that concluded that blacks pay 65% more for equivalent housing than white tenants.
[4]:166 A slumlord (or slum owner) is a colloquial term for a landlord, usually an absentee landlord with more than one property, who seeks to maximize profit by minimizing expenses for property maintenance, often in deteriorating neighborhoods, and for tenants who may intimidate them. Severe housing shortages allow slum lords to demand higher rents and, if they can get away with it, to break rent laws. [1] [2] In addition, slum lords are often willing to rent to less desirable tenants who are unable to pass a background check, such as those on the sex offender registry. As such, they usually do not enter into long-term leases, but only the minimum duration required by law (e.g. month after month) and therefore pursue numerous evictions. It is also common for the lord of the slum to receive rent in cash to avoid tax disclosure. For example, slum lords in the United States would not normally participate in government-subsidized programs such as Article 8 because of the need to report all income received and property to be properly maintained. Traditionally, real estate is considered a long-term investment for most buyers. Especially in developed countries, most landlords will maintain their properties properly, even if this proves costly in the short term to attract higher rents and more desirable tenants in the long term.
A well-maintained property is worth more to potential buyers. In places where rents are controlled and there is legal protection for tenants, some landlords may rent properties illegally. In the United Kingdom, for example, a practice of illegal subletting of social housing has emerged, whereby the tenant illegally rents the dwelling at a higher rent. [7] In Sweden, black market regulated leases[8] can be purchased either by the current tenant or sometimes directly by the landlord. Specialized black market dealers assist landowners in such transactions. [9].
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