New-York tribune., 1916-07-23

=, for the city it would seem to
hat a recommendation is in order
s,,n you 70 the Board Of Estimate
..eauee the height of the Equitable
-. building to about twenty stories"
~, SIG Coderstrom, in a letter -
e,,rse T. Mortimer. Cederstrom also
oss Mortimer 10 request a reduction
. height Of all similar structures
,sish sre detrimental 10 their neigh
,s,, or the community at large.
ceaerstrom is whole-heartedly op-
.,se6 20 the Board of Estimate adopt
"a the distrieting resolution, up for
sstl action on next Tuesday.
Sc recently sent letter containing
"a opinion on this vital topic TO the
s,,rd Of Estimate. Mortimer lost no
ne in trying 10 prove TO him the
agaey Of has contention. and back
4-e sn answer. clearly showing that
',ssrstrom is frmer than ever in his
,-yictionS. Cederstrom is real estate
,lrser Of the Public Service Commits
~. Mortimer member OF the
rs-uiission on Buildings and Districts
I'd president Of the Equitable office
s.lGiEg Corporation.
Dire Predictions Made.
:, the Board Of Estimate Ceder-
,,-on predicted that the adoption OF
-, us,rieting resolution would re-
ss.t N
',rt Values.
"a serious reduction and impair
at q the eity's borrowing capacity
al he debt limit, followed by an
-s-sased prohibitive tax rate, which
III necessarily compel the city to at
20 frd new sources of revenue.
N the creation Of an absolutely def
30 and concrete basis for the sue
,.s,,ul institution of innumerable
s,-sFe suits against the city by own
~ 81 real estate for actual injury
.sHered. whereby millions may be re-
.svered as liquidated damages for the
gninution Of real estate values Que
.sltly 20 the restricted present and
isture use imposed by the city.
A complete change in the funda-
-,-.Al basis OF the valuation OF ordi-
r,ry real estate.
The refusal Of the courts 70 permit
y, city 10 impose restrictions and
,bsn ignore them in its valuation for
:sxs,ion purposes.
Re also said the plan would be an
,Auss Of the police power OF the city
s-3sr the Cuise Of which these restric-
to,s are sought 70 be imposed on
real estate without compensating any
cvnsrs OF real estate for losses sus-
uned.
Haphazard Development 10 End.
gsplying 20 these assertions. Mr..
Mortimer said in part as follows:
FIRST. you seem TO fear e general
,.sue,ion Of the taxable land values OF
~ eitv. Now you as a real estate ex-
rsr. should know that the haphazard
.syslopment Of this city which has
t,s, permissible under our lack OF reg
ratou has finally brought about such
esaotic condition in real estate val
gss that there is no stability OF any
,s-t whatever. You know that me
lrrs majority Of foreclosures go 10
~ nlaintif You should know that
--eb Of this condition is due 10 the
A.. that this town is wofully over
.silt in haphazard style and. further,
-.o a decent development fears lest
fs investment be wholly or ~artially
mined hv the subsequent act OF ms
,Eghbor. You must know that most
Al OF our fine suburban developments
,lye eventually been ruined by the en-
coachment Of the multi-famlly mouse.
You must know that # the entire Bor-
tggh OF Brooklyn. where you 1--we, was
built ~ with apartments they would
ia great degree be substantially ten
ln,lsss. as there is no economic de-
nsnd for such a thing.
For your information permit me 10
ay tia, every act and decision o. TINS
commission was predicated on an IN
crease rather than a decrease IN tax
abe values.
"Now as 20 zoning. What do you
/ ,hnk the result would be to the valua-
ton Of your home if | should build
| rgblic garage next 20 it? What do you
t.rk the loss has been 70 Fifth Avenue
ty permitting the erection of sweat
s,ops either on IL or near to 1t? Don't
Uu know that over half of the So
alet skyscrapers in lower Manhattan
AVE been ruined by the subsequent
erection Of buildings which have cut
a their light and air? Don't you
know that If there had been such a
eiing regulation as is now proposed
re disaster which has happened TO the
I'D drygoods district south Of Twenty
,trd Street never could have hap
psrsd? Don't you know that one of
he important underlying factors be-
Ind the whole coming proposition is
he s,sbilz.ng of real estate values
10 ne IL is so obvious that II merits
10 discussion.
"The plan is the best thing that ever
happened 70 real estate in this city. =,
!, is the best thing ever proposed
;'r the general good of the city.
1T is = proper use of the police
Nver and has been done in other
,1.es
There is nothing hazardous about IT
% far as the city is concerned. But
Hs my belief that it is an essential