This paper extends a new line of research on urban squatting that focuses on the role of the squatter organizer. The model replaces the benevolent organizer from previous studies with a collection of competing, rent-seeking squatter organizers, a structure that may offer a realistic picture of many cities in less-developed countries. In addition to delineating the structure of such a competitive model, the analysis generates a host of comparative-static results and other insights. Among other things, the analysis shows that competition among squatter organizers has much in common with competition in a traditional industry setting. Almost a billion people, over 30% of the world urban population, are estimated to live in slums (UN-Habitat, 2003). Although no firm data are available, several hundred million people from this total are probably squatters, who occupy their land illegally, paying no rent to the owner. In the city of Dhaka, Bangladesh, for instance, squatter settlements are estimated to provide as much as 15% of the housing stock (World Bank, 2007). Research by economists has attempted to shed light on the squatting phenomenon from both theoretical and empirical perspectives. Extending earlier theoretical contributions by Jimenez (1985), Hoy and Jimenez (1991), and Turnbull (2008), the most recent formal work on urban squatting focuses on the role of the “squatter organizer,” who manages a squatter settlement in the interests of the residents. Brueckner and Selod (2009) and Shah (2012) develop such models, emphasizing the organizer’s role in preventing the eviction of the squatters. Squatter organizers are called community bosses in Ecuador, pradhans in India, shack lords in South Africa, and mastaans in Bangladesh. The World Bank study on Dhaka (World Bank, 2007) noted that masters “are self-appointed leaders who set up committees, maintain links and have patronage from local and national political leaders, government officials and local law enforcing agencies.” Lanjouw and Levy (2002) note that, because of these links, “organizers appear able to protect squatter communities from government threats.” As evidence, Lanjouw and Levy present survey data showing that the perceived threat of eviction is lower in squatter communities run by an organizer, with 83% of the residents of such communities viewing eviction as “impossible,” compared to the 58% who hold this view in communities lacking an organizer.