The Washington herald., 1920-11-28

There is nothing more important
to our country, and all the people
than to show our Representatives
and Senators at once the imperative
need of early legislation to pro-
mote home building. and provide
more apartments in order to give
places in which to live to the many
who are poorly housed, and others
who are practically without shell
ter" the letter says.
The realtors generally through
out the country. as well as general
conditions. show that the gates OF
the money market are closed
against those who would borrow
on mortgages on real estate to
build, to buy homes, and provide
generally more housing. This con-
dition is principally on account OF
the Federal income tax. which
drives investors to seek investments
in the many billions OF tax-free Sc
curities, as has been expressed by
the National Association of Real
Estate Boards, as related in the in
q closed resolution adopted by the
legislation committee of the ma
tional board. a copy of which ac-
companies this communication.
Favorable legislation, and the
relief sought in this matter, and
which is vital for the interests of
all. can only be accomplished by a
full, hearty and prompt cooperation
OF every real estate board, and the
members thereof. by at once seeing
the Representatives and Senators Of
our respective States and districts,
and let them know that their sup
port Is most earnestly and beseech-
ingly sought in support OF such ma
tional legislation as to remove the
Federal income tax, as set forth
by the accompanying resolution.
Not Class Legislation.
And we should see them now.
before December 1. and before they
leave their homes for the assem-
bling of Congress at Washington.
This Is no class legislation, nor
in the interest of any group, but
of all the people, for a great emer-
gency, IL not a crisis, exists in the
matter of providing shelter for hun
dreds of thousands who are either
directly without homes or who are
living in such cramped quarters as
to produce misery and crime. and
endanger the health OF not only
those unfortunate tenants, crowded
into hampered quarters, but of all
the starting aLi spreading of con-
tagious diseases. and also of spread
ing the awful and dreaded condition
of discomfort, which is the fore
runner of Bolshevism.
Your committee begs to urge
that you early see your Represen-
tatives and U. s Senators and with
out fail"
The resolution says:
Whereas: AS already declared BY
the National Association of Real
Estate Boards representing 21s
boards from every State in the
Union. assembled at Kansas City,
Mo-, June 1. 1920. a national emer-
gency exists in the housing condi-
tions in all centers OF population
largely aggravated by the drainage
of mortgage money from the mar
ket due to Federal income tax on
real estate mortgages and the in
yestment nov of funds formerly
available for real estate mortgages
in tax free municipal, State and
Federal government securities,
therefore be II
Amend Federal Tax LAWS.
NcSoiNco- lhdt tne committee on
national legislation of the National
Association Of Real Estate Boards
urge the immediate passage by
Congress OF an amendment to the
Federal tax laws exempting the in
come from mortgages, secured by
real estate Except the real estate
of public utility corporations) from
the Federal income tax for a period
of five years from December 2I.
1921, and be it further
Resolved: That it is the opinion
of the committee on national legis-
lation of the National Association
OF Real Estate Boards that such
action will do more to alleviate the
housing shortage than any other
action that can be taken"