The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-11-11

west Of Mercer Greene Streets to near tho North
rivsr. The greatest present advance in value Of
real estate and in population appears to be central
and upward on the island, from Union square
towards Harlem.
The true policy of the city corporation would
have been to have increased the value Of their real
estate, and, at the same time, to have greatly
added to the population, by opening at once all the
leading avenues TO Harlem river. and to have sold
cut privileges for transporting passengers over them
on horse car railroads, at low rates Of fare. The
cheap and essy transportation Of passengers is a
great public benefit, and should be managed on the
same plan as the public ferries.
The extension of city railroads have had a
marked influence over real estate The great
impetus given to real estate in the Eighteenth ward
has been impaired to it by the Harlem Railroad.
Since the laying down of rails in the Sixth and
Eighth avenues, property along them, in many
places, has improved. This improvement will fol-
low them to the Harlem river. The losaton
Of the contemplated Worlds Fair, at Reservoir
square, has also exercised considerable influence
on the value of property Immediately around
it. A gentemsn who owns n number Of vacant
lots in that vicinity has leased them ont for a
fe years for as much as they cost him in fee
simple.
While the great increase in the commerce of the
city, with the great extension Of internal improve
ments, connecting the city with SO many distant
and important points in the interior, will prevent
the depression of property to the point of lS43 yet
it is feared that prices cannot in most localities, be
made to reach to exceed those of 1886, and be
permanently maintained. Afteall. the true test of
the value of real estate is the income to be derived
from it; and by this standard it will sooner or
later be regulated. In other words, what
il viii rent for to a good tenant, when
improved, considered in reference to its To-
cary, and the facility Of getting to and from it..
The ordinary receipts Of safe and Industrious bust
ness population can only reach certain point !;
and whenever rents exceed the ability of the
great mass of the people to meet it, the value Of
real estate cannot be maintained at rate above
a corresponding limit. In other words, when value
is fixed upon real estate so high that the legal or
fair interest the same exceeds the ability of the
people to pay sufficient rent to meet it, the result
is that real estate must fall, or the people be driven
out, or become bankrupt. The combination of CAPT
talists, SPECTATORS propped by money lenders
an expanded paper currency, may thus succeed in
keeping up the value Of real estate beyond its in
trinsic worth for considerable time, owing to the
fact that the same causes advance wages and swell
the increase Of money from business pursuits, OK
lending extravaganza and luxury among all classes,
and who, in case Of revulsion, experience common
fate.
The want of facilities for reaching the upper end
ofehe island with the constant disposition of CAPT
taliss and spectators to crowd up property Clover
DOWN to rental point beyond the business income
of the people to meet it. has built up large towns on
large numbers to rural villages in Westcbester and
other places. While this policy is pursued. though
the value of property may not, (war and pestlence
aside) recede to what it was eight or nine years
localities, reach tho value fixed upon it in 1885, and
in few if any exceed it for many years to come.