Category: Business

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Absentee landlords

As I was compiling data on our study of real estate transfers, I was surprised to find two owners of property on Main Street who lived in Brooklyn, New York. My first thought was how well could you manage real estate from that distance. That is commercial real estate though and I thought maybe that is different. I took a quick look at some residential blocks and the number of absentee landlords was impressive. Now that is problematic.

This is from the New Gleaner”

There are plenty of things to gripe about in any city, but in Philadelphia, one of the top five seems to be complaining about absentee landlords. They have become the stereotypes of urban evil, almost on a par with drug dealers in ruining neighborhoods.Camille Capobianco wants the City Council to do something about the out-of-towners and their poorly maintained properties and rowdy renters.

And much needs to be done, she said, because right now, some landlords are little better than predators.

She refers to a neighborhood property in which the tenants were selling drugs and were finally removed. But the landlord has a “for rent” sign up, “and the neighbors are terrified,” she said.

The Tacony woman, who was a landlord herself, has put together a petition whose points she hopes will become city law.

Read the entire story here. She makes a very reasonable and rational argument that deserves to be considered. You can bet the real estate professionals will line up against it.