Just finished this book, a fascinating (and troubling) non-fiction account of the status of low-income housing in Milwaukee. Has anybody hear read it?
As someone who is in their first RE role (SBL underwriting), it was incredibly relevant in terms of product type and my role in general. Here is a NYT review of the book- I would be very interested in hearing from some of you regarding this seemingly broken system.
It is a very thought provoking book. There is a great discussion through the USC Bedrosian Center book club podcast https://bedrosian.usc.edu/bookclub/evicted/
That review was definitely hard to read. I have no doubt that slumlords exploit the poor. There is a special place in Hell for them, that's for sure. With that said, trying to fix the situation through legislative means would probably exacerbate the issue of housing scarcity--I can think of a half dozen "reforms" that might be logically proposed and how they would be counterproductive.
The issue of housing affordability has no short-term, easy solutions. I detest the "easy solutions" of the affordable housing crowd (I cut my teeth in the AH industry). In my area in the D.C. suburbs, politicians placate their consciences by funding AH funds, mandating or incentivizing inclusionary zoning, or otherwise encouraging LIHTC developments. The problem is, this construction hardly scratches the surface of demand. The only real way to achieve AH long-term is to build in excess of demand and to wait for new Class A buildings to become old Class B buildings. In addition, we need structural reform to achieve 3-4% GDP growth each and every year in order to provide for more economic opportunities.
"More building" and "more economic growth" are not sexy solutions to achieving affordable housing. Most advocates desperately want easy legislative solutions that include regulation and throwing money at the situation.
Go look at what section 8 renters do to an apartment and you'll realize why slumlords exist. This meme that impoverished people being subjected to slumlords evil capitalistic greed is a myth.
Don't like it, leave. Or look for government housing. Why would these property owners invest in their buildings only to let renters absolutely destroy the property.