The sun. [volume] (New York [N.Y.]) 1833-1916, 1909-05-09
THE REAL ESTATE MARKET
CAPITAL GOING FREELY INTO
NEW CONSTRUCTION WORK.
Tfe Percentage OF Unemployment Among
Mechanics in the Building Trades IL
smaJl-Other Well Paid Trades Pros
pering-The New Building Code.

EAo VI
Mechanics in the Building Trades IL
smaJi-Other Well Paid Trades Pros
pering-The New BUILDING Code.
Y Perhaps the most important feature OF
the current real estats market is the
great amount OF capital that is going into
new building construction. Much of
this capital, IL is true, is ready to finance
building enterprises at low rates OF in
terest only because it cannot find just
now more profitable employment else
where. 1t Ia. also true that the supply OF
housing is quite sufficient 10 meet the
existing demand.
The activity in building is therefore
not altogether a, benefit. nor is II to be
interpreted as a sign Of any growth in
population and trade corresponding TO
the current expansion in housing faeil-
tiles. It does, however, promise a resto-
ration before long Of prosperity in general
industry. It is providing work on a large
scale for labor, which is of greater present
interest to the community than is the
possibility Of a temporary oversupply
of buildings. With return of prosperity.
Of expanding commerce and immigration
the excess Of housing will soon disappear.
So far as the working population OF
this town Is concerned the classes de-
pendent on the metal, printing. transpor-
tation and building trades are. accord
ing TO the State Department Of Labor,
assured of normal conditions Of employ
ment this summer.
A majority of these are among our
best paid wage earners, n as they
number at least q quarter Of a million
their prosperity ie bound to react quickly
on the community as a whole.
TIE statistics of plans filed for new
buildings have boon unusually heavy
for Some months past. In most quar-
ters IL was thought that the volume OF
construction work actually undertaken
vae comparstiv ely small. Building per,
mits, It was believed. were being applied
for in order 70 anticipate the adoption
Of the revised building code. which Ia
expected to be of a drastic nature.
The permits would be good for one
year, and II the 20 code proved to raise
the cost of construction materially a per.
nit to build under tire present code would
be-a factor in tie selling We of a site.
and this circumstance was supposed TO
account in large measure for the rush 10
file, plans with the Building Department.
However, this theory ives upset by a
statement. printed in this column last
sunday showing that not fewer than POS
buildings are now in process OF erection
in Manhattan, a number which has been
exceeded only once before since 1907
Recently have been put on record merely
to forestRll building code changes J. far
greater number OF permits issued last
year and the year before. but held IN
allegiance while money was scarce. are
now being built from. The amount OF
actual construction under way Is, indeed,
notably large. not only in Manhattan
but in the city as a whole and throughout
the United States.
As regards tie revised codes. this may
not turn out TO % so fearful a thing to
builders after all AS has beeni anticipated.
At any rate the Record and Guide has this
to say about It:
ohfThursday the Subcommittee on codif-
cation submitted its final report In the form
OF a printed rode. Copies of this report
had been distributed among the members
Of the commission some time previously
and at Thursdays meeting the board VAS
prepared TO act. with the result that the
report now stands adopted as a whole so
far az the commissioners are concerned.
Copies containing the n amendments
are now being printed and will be sub
mitted5 to the Board OF Aldermen through
the. committee on buildings, which COM
mittee was directly charged with the prep
aration Of the report, but Will probably
get to the Aldermen until the week
after next. The code does not attempt
to interfere directly or indirectly with any
provision Of the tenement house law. Hence
the one time proposal to limit the height OF
non-ireproof buildings to 50 feet has been
eliminated. The limit is left az % 1eet'
freproof six story tenements.
The new code VIII recognize hve build
bureaus, each with a superintendent
IN he appointed by n Borough President.
~. n,IL,.. o,nari,,a,don 10 ,o h. .,van