New-York tribune., 1919-05-11

not be confronted with the conditions
they are now facing"
Quite likely Most likely. If the
"dollar-a-year profiteers" and the "of-
flclals of high position" had diverted
some OF their energies from the lick
ing of Germany to the building of
houses in New York, it may be con-
ceded that Mr.. Hirshfeld would be
right; that "thc people of the City of
New York and of other large indus
trial centres Qike Berlin, Essen
Bremen, Hamburg, ct id omnes y would
not be confronted with the conditions
they are now facing"
More Important Than Building
Pm inclined to think Mr.. Hirsh6eld
is rlght IN his prophecy. When the
government ordered the suspension of
building there was sufficient supply,
and II Germany had not been licked,
out had been the victor, it is morally
certain New York would not now he
suffering from shortage of hous-
ings. 1t is because Germany was licked
that New York has now a housing
problem. Can it be that Mr.. Hirsh-
held would rather see Germany a vic
tor and New York City without a hous
ing problem? ~
About remedies for the situation Mr.
Hlrshfeld can see none that will serve
unless the title companies, bond and
mortgage companies, insurance COM
panles, savings banks and other in
situations which lend money upon bond
ana mortgage by making liberal ad-
7ances ard encouraging the building
OF dwelling houses" supply the remedv
lie ignores the fact that the funds
OF all the institutions named are al
ready almost entirely invested in mort
gage loans or in United States way
bonds, and that none of them knows
OF any source of further supplv of
money for building loans unless the
general public shall resume investment
IN mortgages and in mortgage cer-
tiiicatcs.
How to Encourage Investment
In order that builders shall be
properly encouraged to undertake now
pulidlng operations and that noonle
with means be likewise ENCOURAGED to
invest IN mortgage loans, he will ner.
mt them fair, "a reasonable earn
lhg' put woe be unto them if thew
proiteerD He will at once send
~ .ne TAX gatherer after them and take
Ihelr unholy profits awav from thon,
n
easy his process of reclamation wonid
pe, ne takes it for granted" that if q
landlord OF an ordinary walk-up apart
ment house places the annual renta1
value of his building at $4,000 snch
building, according to the ord;nar,,
rule, is worth $4,000.
mere is more of this same stuff hut
shouldn,t that be enough to demon
s.nate t tne real val ue Of this mans con-
trlputlon to the discussion of the hons
or helpful? ~ - ue'
He threatens that with the coonera-
ton OF his Honor, Mayor Hy1an" he viii
START the lax Commissioner after rent
prohteers on the above basis of an
pralsement of their properties.
Contrast this with the declaration of
real real estate man:
Douglas l.. Gilman, of DOUGLAS T.
Gilman d Co.: THE great mistake
that the Legislators are now making IN
attacking the landlords and real estate
interests on account of the scarcity of
housing facilities will not help the sit
uatlon one lota, but will rather prevent
1urtner investments in new BUILDINGS
whlcn alone can relieve the situation.
instead OF attacking landlords, thew
should be encouraged and everv effort
MADE to attract new capital into bu;ld-
ing operations. The limitation Of The
real estate tax may help in this direc-
tlon' we must have more buildings.
ana the only way they can be had is bv
making ,f,,g the investment attractive'"
Why Hylan, rather than an Eli
man, for Mayor? And with Eiliman ,'tl'r fnr
Mayor, how long would Hirshficld last
on MS JOB? What n man to be in
cnarge OF an investigation of rent
prohteerlng in n city like New York,