New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-04
An Open Forum for
Public Debate
PROFITS FROM LAND
A Reader Declares That They Are
Seldom Large.

To the Editor OF The Tribune.
Sir: In the issue of The Tribune. Mon
day. June %. appeared an article quoting
at length the petition addressed TO Gov
ernor Sulzer by the Society TO Lower
Rents and Reduce Taxes on Homes one
paragraph OF the petition has the follow
ing statement:
The recent sale Of lots in tie former
Morris Park racetrack emphasizes the
enormous profits of land speculation.
That tract was purchased ten years ago
for 100000, and was sold for nearly 81
10000 Do you think It is democratic or
just to tax poor people on their rents to
make such profits for land SPECTATORS
Further on in the petition vail
uttered for not letting the voter deter
mine by referendum whether the tax
rate on buildings shall he gradually re-
duced to half that On land. so that rents
and taxes on little homes would be re-
duced." This latter appeal is so inge-
niously expressive of innocence and sim
pliCity, with its little homes" starred as
its drawing card. that Bret Hartes
heather Chinee's" smile. so chilflike
and bland. is really cclipsed. Why lit
tie homes?" Why not mansions? The
bigger the better. II the little fellow
with his small home will fare we'll under
half rate tax on buildings. the bigger
fellow with his larger building will fare
better, and in handsomer increasing
ratio OF course, the latter does not
need this assistance. But when you can
shift n tax from the little home own
err so great is the merit OF that act that
II you saddle the opulent owners tax
also on the land owner what matters ~
The benefit from the half rate tax on
buildings and double tax rate on land Is,
of course. only TO such buildings where
the building represents 81 per cent or
more OF the total value of land and build
ing The benefit to the owners OF SIX
story tenements by the half rate tax on
their buildings will. no doubt, seem 20
them n charity. unsought but acceptance
and the incentive to them In their future
building operations to go higher win
their buildings and congest population
will not go unheeded. Little homes for
sooth! They will get the crumbs, much
Ike sailors prize money. The big saving
owners OF handsome of il vacant, but
the greater part OF it improved VIII
buidings-will go to a wealthy class OF
building owners. whose wallets now bulge
with the lucre We all seem to be battling
for with might and main. Referendum
/ indeed. How many will ethically consld-
er their vote? And what an imparta'
tribunal the question would be submitted
TO! AS we'll submit TO a vote OF the en-
ploycs of a manufacturing establishment
the question of a double wage for their
labor and expect them to decide II DIS
interestcdly.
The statement In the petition that INC
price paid for the Morris Park racetrack
property ten years ago was 10000 anu
has just been sold for nearly AOol@
on a par with other wild statements
put out by the advocates OF the douo's
tax rate on land. Joseph +. Day was h'
correctly quoted as stating that the price
paid ten years ago was $1,000 an acre ana
correction was afterward made, the
actual price being $4,000 an acre. IL We
take 300 acres. which the Morris PAN
racetrack is said TO contain, at $4,000 an
acre, the cost was 5000 OOo-quite a ar
ference from 10000. Ana as this repre-
scented borrowed money and drawing IN
terest very likely at 6 per cent per an.
mum. the interest for one year wouio
amount to $4,000 and for ten years w.,
soo,OOO. which. added to the 100000 woVlo
make a total cost OF si.Soo.ooo. II to TINS
amount We add the taxes for ten year
the total cost would exceed 100000 Tihs
shows n loss on the property of the dh'
ference between ss7s1. 200, the amount re-
ceived at the auction sale, and S,oo""
or loss OF s1,2lS3o0.
ROBERT o. L. LODGE
No. 56s Nostrand avenue. Brooklyn ~
W.. June A.,.---.-