The sun., 1916-12-31
w LAURENCE Mcguire.
Pr~sidest Of the Real Estate
B0ard Of New YWrk.

Prrsidest Of The Real Estate
Beard Of New Y"rL.
During the pas, two years the country
has been enjoying tho greatest eta VI
prosperity In its history.
To what extent has New York city
real estate shared In this unprecedented
prosperity, Real estate. II In conceded,
IL the last form Of wealth to feel da-
preston and the last to recover. The
question naturally arises. rs to whether
or not II has entirely recovered from
the conditions OF three years ago. I
would say hat the recovery has been
only partial and in no wise proportion
ate to other branches Of investing and
speculative business. There In now and
has been abundant mortgage money.
Soon there must be even more to be In
vested. This would ordinarily mean an
active speculative ma x but until APP
praisers generally are willing to take a
more optimistic view OF New york's real
estate future there can be no pronounced
activity.
Renting conditions have never been
better than this fall. Thcre Ia a great
demand for office space. There never
has been greater dcmard for living
apartments.
With ample mortgage money and with
most properties well teranted, wha' Is
the obstacle IN a sound and active nrtr-
ketr There IL no doubt hat the c',-
sentative investor Is more frequently
concerned with the future than with the
present. II Is wiser to portray even an
unpleasant future than to con,inuc 30
aide in a fools paradise.
The funded debt OF the city has
reached the enormous total % N.3s",-
139.?s6.l1. exclusive of revenue bord'.
An increase OF $3.50. Oo0. 900 in I'll" pas'
ten years End greater than the %na;!ona,
debt by $500. G0o. oOo. This debt is COW
s,antly increasing. The increase In the
cost OF city government may N~er,io.nS
be best understood by going back ten
years. Al tina time the total hndg"'
for the greater city wa tIts.s5o.5's."s
In 1917 tho dent service alon" reaches
the alarming total OF tjs.55s.sjG--an OF
which is for interest. and the '3'al
bulge, without a direct state taS. Tor
which last year the city paid apDroNt-
uately $4,000. 600. is SELF. 100000 Re-
al;zing that the tax burden on -ea' cs-
tote has more than doubled in approx
imatcly ten years. IL II possible that IN
ves,ors are looking ten years into the
future and seeing n tax rate Of : pei
cent. or even higher This Is a rea son
able expectation " 1t is fair to judge
the future by the known past.
The real estate board Is determined q"
make every effort to induce tie Logs
lAture to enac. some form of tS
measure which will eauitab,y distr.brtc
the obligation so that all clarse- and
kinds OF wealth will be REQUIRED 70 pay
BY way OF tax the cost Of maintenance
believe that . Pc cent. oJ The fair
taxable value IL the maximum Which
owners Of real property s,ould he 'a'"d
upon TO contribute. Consequently the
hrst duty which real estate ard :a\
organizations owe Is a wei banned,
aggressive campaign to impress upon
the Legislature the necessity TO- prompt
action at its coming session.
That present assessed valuations cav
b. sustained is doubtful. The tsrt1t'"N
assessed values for 1917 are not nnal
II may be that many million" viii he
taken of I'm any event roth'ng can DE
added. The tentative assessed "a'u. for
1917 is s7.S33,s75.5Ss. or 81 te5.s3,
more than the final assessed value for
1915. but sSs.3s2. sOs less than the ten
tative value for 1916.
II Ia REASONABLE Ia latlr"e from this
that the first and mos. vital impeachment
to an active teai estit, market IL not
only the increasing tax rate but the con-
stan.!y ircrea sing permanent debt OF the
city. which II o frst charge o. lien
against all real est ate.
T. Is iutimated that the Board OF Esti-
mate i preparing t. authorize an APP
proprlatlon of $500. 400 to build the
now circular court hous" for New Nor'i
county. The acquisition OF the sit" FOR
IRE purpose for which Il was int"n led
To be ured IL the grossest and most I'M
pardonah'e evidence . want"N ext'avn-
gance that has even bee" rer"Htr,t"d
upoSS.e. city. Memcry does 90 Nsre to
20 back very far to realize '''u' but q
few years ago III" commu"'v would
have been up In arms oNer = wNo &!
unnecessary eStraNaganc" fN-
payers and III. pubic a. '"rgr " sun
posed. can he luiled 10 sl-e" W. heh
sounding indefinite civic pride ph'n.c'
willie attempt l. made 10 sin"u' over rvs
terrific and unforgivab'e blunder with
further appropriations.
Rcadnc to-dav the ii"torV ~ Cole
Pond. one gifted with any foresight can
see q history OF the Collect Pond curt
House written twenty years IRON NOW
or the proposition IL adopted) o me
story OF the most wasteiul and uN''' gu
for extravaganza ever perpetri;ed u'"l
the city. II seems strange thai 'a"-
payerp have such short memories. IN
connection with the proposed build ne OF
this Court House the cost OF the Hal OF
Records and the Municipal Building i.
forgotten. II was stated by the Conn
trollcr Inv 1910 that II would cost ABOUT
$4,000. 900 to construct the Municipal
Building and that the city would save
$4,000 o yearly In rent Convicted
land and building actually cost s?l'ooo'-
000, and the city II nov paying ~ rom
the same amount tina; was being oa'd ia
private owners when the proposal I
cree. the Municipal Building was uAl"r
consideration. II IL well to conside' now
the estimated cost.
TIE abnormally increasing funded debt
~ the city, the tax rate constantly m
creasing. are primarily the causes MIL.
tating against an active and strong real
estate market. ! firmly believe II Is
within the power OF The taxpayers u
remedy this, at least In SO far az the tax
rate is concerned. When the cost 81
maintaining government IL eaultably dis
tributed and only "A fair ana reasonap'c