New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-12

tall due. So expensive is suburban de-
velopment that few companies have
sufficient capital to carry through an
operation without borrowing tempo
them.
To stop such practices is regarded
generally as q splendid move to safe
guard purchasers. Honest concerns
need no such restraint, bur they are
Willing TO bear it in the interest OF
Heeplhg other kinds of developers in
order.
This proposed law purposes TO dis
courage. the practice common in the
boom times of ten years ago or more
of land dealers selling property which
they do not own. 1t was no uncommon
tnlng then FOR company TO take an
option on parcel OF suburban land
through the payment of small sun,
and to market it just as though they
owned it But that never Will be again
Ihe law as proposed viii reach not
only to companies selling property in
ms state, but to every concern in CHS
state attempting to sell land in any
part OF the country. To do a land
business in New York hereafter will
mean TO comply with the most stringen,
laws covering the subject enacted in
any state
ny compelling owners to retain stuff
clent money from payments to meet
every. obligation against a property al
the time the last payment is due the
proposed law will work big changes
IN the handling of suburban prorerties
IL means that some companies no
longer will be able to spend customers
money Tor luxurious Offices and allur-
lng literature; their overhead expenses
VII! have to come out Of their own
pockets, and agents who were accus-
toned to taking as much as so per cent
az the selling price as their commits
sions will have to be content with
much less
Penalty on Delinquents
Two of the committees bills relate
respectively, to Nassau and Suffolk
counties, and are similar in their pro
VISIONS. They call for u gradual
penalty for payment of taxes and
Tor sale Of the tax len after nxed
number Of years. But the buyer o!
property unless the owner fails to ap-
pear during period Of ten years. if
however, the owner does appear dur
ing that time he can redeem his prop-
crtv on payment of the tax lien plus
perhaps 8 per cent for the first wear
20 per cent for the second and follow
ing years. A such moneys arc to be
paid to the county treasurer, who ir
turn deals with The holder Of The tax
lien, and no other charges are to be
permitted.
AS it is now, at the end of a year
upon non-payment of interest on &
lien purchaser may foreclose and OBJ
tain title to property, but foreclosure
seldom is resorted to. Instead Gland
shark" buys tax lien with the sole
purpose of mulcting the rightful owner
and it has been known for the pur-
chaser Of lien for 35 cents to no d I'D
an owner for 5000 to clear his property.
thomas McWhinney, Assemblymar
from Suffolk County, will introduce
these bills, backed oy conservative in
terests among both owners and county
officials. They believe that such legis-
iation will stabilize values and will re-
move tie stigma that has been placed
on suburban real estate through the
action of "boom lot" spectators, who
either have fallen through their own
dishonesty or have been driven from
business. Warrants are out now for
the arrest Of a Long Is and dealer who