New-York tribune., 1901-05-19
DECEPTIVE LEASES.
THE EVIL PRACTICES of SPECTATORS
IN APARTMENT HOUSES

combination against the promoters of the evil
methods The meeting was we'll advertised and
IN addition 10 the calls issued in the daily papers
letters We're sent to people whose interest it was
hoped could be enlisted, but the effort at re-
form was a failure. The meeting was poorly
! attended, and it evident to those brokers
who We're interested in the movement that the
builders of apartment houses shared Major Asa
blrd GARDENERS views reform. The evils
IN the renting business have developed gradu-
ally, but have taken firm root, and their eradica-
ton will require heroic remedies
When apartment houses of the present popular
type We're first built in New-York they were
easily rented and their owners realized a good
revenue on the Investment. The business tempt
ed spectators, and handsome apartment houses
took the places of old private houses and vacant
lots in all parts of the city. The pioneers in the
apartment house business We're capitalists who
built apartment houses as legitimate invest
ments but the men who went into the business
/ later were speculative builders TO whom" as
real estate broker said. the houses were what
shoes are to the shoemaker. made TO SELL With
the advent of this element came the abuses for
winch the real estate men seeking rene
dleS. In order to secure loans their property
the builders had to show that the houses We're
occupied and that a certain sum was being
realized. Having the loan the next fish To catch
was the buyer of the property Elevators cold
storage. hardw God floors. electric light hall ser
wee sanitary improvements deliberately carved
/ and decorated woodwork marble halls and all
/ front rooms not always adequate tenpta-
tons for the apartment hunter and as an extra
/ inducement months rent two months rent
and in some instances an additional cash bonus
were given To desirable people in order to fill up
the house.
In tins way. said real estate broker AN
ordinary 100 by 1UO six story house cat,atl. II
earning about >;;3.3Uo a year showed an income.
Of S4o.no The with the money who was
looking for an investment saw the leases and
did not know that the house earned only about
S''2u'n until the tenants informed him that the
amounts named in the various leases Were, paid
for only nine or ten months in the year and
that the other months were free The new
owner invariably refuses to enter into any such
bargain. and besides having fallen a victim to
the wilrs of the foxy builder ne is put down
by the tenants mean hard hearted and
eXactng. The tenant refuses To renew tn,
/ lease except under the same conditions as h.,
enjoyed when the builder had the house TO let
and looks for another apartment. where he can
/ have several months free rent. BY this means
the specuator's purpose is served and the thrifty
| tenant gets 81 900 flat for $500 The whole
transaction. however. is a combination between
[ the owner ana the tenant to SWindle the buyer
know OF several instances where tenants cam,
to me on the day when rent due and said
that they had not received The money yet from
the owner, but they did receive il
they would pay. In those cases the owner actu-
ally gave his tenants the cash with which t.
pay the rent, that the agent might say that
he collected the full rent every month as per
lease Sailing flats filling them with fake ten
ants in order to tempt buyers-s old prac-
tice but is resorted to only by the lowest class
Of owners. But giving several months rpnt free
or cash bonus having asking and taking.
price and paving the way for dishonest people
to get high priced flats for little money, and de-
fraudng the innocent purchaser are real estate
| methods not unknown 10 many owners who
would not wish to be placed in the same class
| with the HAT salters.'
! This is the time of year when the people who
want twelve months lease for nine months
| pay come to with the story about going to
the country. and wanting the fiat so that il may
be ready for them when they return town
| We shall be away during the months Of June
July and August they say. and shall
cupy the place. except TO some furniture in
the rooms to save storage In cases where The
people win their point it is safe to say THAI
they Will be in the ilat, bag and baggage within
| two days after they gain possession, and Will
never leave it until they hunt for another flat
nine ten months later Their vacation in the
country is myth, their summer outings con-