Louie Kritski is a heartless slumlord who was born into money, thanks to his ruthless father, "Big Lou" (Vincent Gardenia), also a slumlord. However, the tables turn on Louie when he's threatened with prison for his failure to keep his New York City slum up to code. The judge gives him another option, which he accepts: he must live in a vacant apartment of one of his own shoddy run-down apartment blocks until he brings it up to livable standards.