New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-21
TAXABLE. VALUES IN NEW YORK
Said To Be Due Unnecessary Soaisc
Scheme of Government Destructive of Real Estate

thority and responsibility. Third-The civil
service laws. II is impossible to overcome
the deterrent effect Of these conditions.
And what is the net gain to property
owner who saves a few dollars on his tax
bill II the selling value of his property is
declining or 10 per cent year and he is
called upon to reduce or pay off mortgages
The most important financial duty of the
city is to protect property rights, and thereby
conserve taxable values, upon which the
financial credit of the city is based
There are thousands Of parcels of land in
greater New York covered by overdue mort
cages that under foreclosure would not sell
for more than the amount of the first mort
gage. In many cases the title holders stand
ready TO hand over their deeds TO the mort
gagee without a contest.
This mortgage situation furnishes further
irrefutable evidence of the terrible decline in
taxable real estate values. These losses
represent the equities of investors, many OF
whom have put the hard earned savings OF
a lifetime into real estate, only TO see it
taken from them in their old age.
Governmental policies that produce such
conditions must be fundamentally wrong, and
there will be no permanent relief until safer
and saner policies are adopted
The Tenement House Department is the
fundamentally through which the single
takers accomplish most in the matter Of de-
stroyng taxable values. Experts have de
clared that the cost and loss Of taxable
values due TO the operation of this depart
ment alone amount to more than SS00,00O,-
000 The department issued 100000 orders in
one year. and it is only one Of the many de-
partments that are administered by single
takers, who seem TO believe that property
owners have no rights.
The natural but unfortunate effect of these
laws is to discourage the small investor from
buying real estate. Land is being more and
more forced into the hands of spectators.
This is a grave governmental error The
more the land is divided up in ownership the
better for the city. Tenement house officials
have said that tenements housing twenty
four families were preferable TO houses built
for three families. That is the attitude OF
the Tenement House Department, and pre-
sumably OF the administration and IL is det-
rimental 10 public interest. II would be far
better for the city if the twenty-four families
lived in eight houses owned by different citi-
zens.
Another fact that should be taken into
serious consideration by city officials is that
bonds and other forms of investment have
declined TO a point where their yield is so
high that they compete with real estate to
greater extent than ever before.
The city is not deriving the increased land
values from the new $3.50, 900 subways
that would have resulted under safe and cane
conditions. The reason is that the bad eff
fects of the overregulation OF real estate
have Offset the good effect of increased trans
portation facilities.
This overregulation, which has such a
crushing effect on taxable real estate values,
is to a large extent unnecessary. This
statement is based upon q report made 20 the
Smithsonian Institution at Washington, on
hygiene and sanitation by Dr. s. Weir
Mitchell John s. Billings and J. II. Bergy
also upon a report Of DR.. Leonard Hill, OF
London, who is the leading pathologist OF
Great Britain.
II Mayor Mitchell wants 10 improve the
city's financial condition he can do so by tax
ing the administration of regulatory laws
out Of the hands of socialists and placing
business men in charge with instructions TO
demand nothing from owners that is not
clearly essential for the protection OF public
health, morals and safety.
This subject is Of such supreme importance
that it is 20 be hoped such influential organi-
cations as the Chamber of Commerce, Mer-
chants Association, New York Board OF
Trade and transportation, Manufacturers
Association, real estate boards and taxpay-
ers' associations will give it their earnest
consideration and unite in demanding a re-
turn to safe and sane governmental policies.
JUDSON G. WALL.
New York, Oct. IS, 1915.