New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-29
REALTY MEN AGAINST BILL
Board OF Brokers Makes ObJec-
tions to Wagner Measure.

L. A. TrcdwcU. president of the Real
Estate Board of Brokers. has written q
letter to Senator Wagner protesting
against his hin which imposes additional
frcprooing regulations upon buildings
over four stories in height used FOR manu-
featuring Nj. TrcdVelrs letter follows:
I'm reference to- Senate Bil No. 1925, re-
fCrrinG 10 frCprOOing and alterations III
old manufacturing buildings lh the 'I'9
OF New York
Tho consensus of opinion at the present
time among professional real estate men
who handle these properties is that TINS
bill is most drastic ln It's requirement
and unnecessarily 50, and the expense 10
be incurred for necessary changes LOT
iiroprootnG iu old five and six story bust
ness buildings I'm this city VIII lracucalIN
leave the owners no return on th'li IN
VcStmCutS i'm real estate, and perhaps jill
some cases il would Toe prompluFe "i amy
tenancy that would Dee profitable except
Tor lines of business like storage. ctc,
which mean 70 greatly reduced rental ana
necessarily 70 reduced capitalized value
which must lc reflected iu the assessment
ION
The Roal Estate Board of Brokers dc
Sircs To enter g protest against the pas
sage of This bin do its present form as
being uudulN severe and calling Tor "a S-t
OF revised factory conditions 900 OBJ" hullo-
HAS tf iiif' 4N a. ana E4A ft''+ p e. I.' it.'
Warranted by the facts
We desire also 60 call your attention u"
the food 0t more or less socidlistc mdN-
datory legislation now before tine senate
and Assembly relating to real estate. "iI
of which seems based on the idea that
owners of realty in this city are not puN-
hc spirited citizens. bat they are getting
a more than substantial return ON their
investments and that somehow they are
taking advantage of the public ueccss.-
la.
exploitation for the public benefit
We are not takiu@ "a position of demand
inS q stop to this present course OF lceir-
ldtlNe action. We are not asking you ass
favor 10 use Your efforts 10 that ono. cN-
Ccpt in the personal sense where the td-
vor would be appreciated. hut We are say
Ing to YOU that this present day action
OF the Legislature must stop or the assets
on which the public depends Tor IFS taxa
ton returns will be irrcpaiably damaged.
and that effect will be not only personal
TO those whom We represent. but IL VIII
have its political bearings as well
AS agents fOr owners Of realty in this
city OF New York we cannot conceive
that We have 50 neglected our business
or theirs that We should be visited by the
many Affections which tie legislature
apparently purposes 10 visit upon us. li
our EdbitdtOuS or factories are not per
lcct, please bear lu mind that Wc have
no perfect tenants TO put in them or pei
Ie. agents 10 run them. and ] again beg
TO say 30 YOU that we neither demand nor
beg for relief We state TO YOU iu all
fviendliness that we have got 10 have a
stop put TO legislation that amounts %
oppression and that is tremendously de-
Structive To values in this city. il is ON
record that Samson pulled down the pill
lars Of tine temple to MS own destruction.
The Legislature may do the same with
real estate, hut our injury Is not 90 the
benefit OF either city or state or 20 the
people of New York.
IL We could be advised Of when there
is a hearing in committee on this bin We
should like 10 send a delegation 10 pre-
sent our view Of the matter as profess
sional real estate agents 70 your COM
lnittee.