New-York tribune., 1920-02-24
Real Estate Bills
Forcing DoWn Rentals Only
Posfpcnes Relief.
To the Editor of The Tribune.

To the Editor of The Tribune.
Sir: prominent article in your
paper Of the 10Th inst is under the
heading pledge Remedy to Stop Rent
Profiteering," and the article proceeds
to give the substance of the remarks at
a hearing before the Assembly Com
mittee on certain real estate bills
One of the speakers interested in
real estate stated that he was victim
whose rent was about to be doubled.
To my mind gross injustice has been
done to the real estate interests of the
city by the language which has been
commonly used as incident to a situa-
ton as unavoidable by real estate own
crs as by the rest of the population
| refer to the arrival of the ifty-cent
dollar-a statement which conveys
much more correct idea than the phrase,
high cost of living"
AS matter of fact. conservative
estimate of the value of the dollar is
between tifty-livc and sixty cents Any
tenant whose rent is not more than
double its pre-war rate has no reason
for complaint
The reason for this is that the pre-
war rates were we'll below conserva-
tive rental values. Any real estate
man could fill column of the paper
with recital of inadequate rents,
1oreclosed mortgages and unsatisfac-
tory real estate investment items for
several years prior to our entry into
the war.
1t IS extremely hard for most men
TO realize that the dollar bill of the
present day is not the dollar bill which
ne handled few years ago. He is
only TOO prone to look upon his So
cailed increase in salary as reason
aoie basis for an improved scale OF
lFins and is greatly disappointed 10
ma that 1T buys no more He is only
TOO ready to assume that his individual
services are worth the increased
amount, and the suggestion is that it
IS mysterious nigh cost of living and
an lniquitous rent protiteer who some
now brings the situation back practic-
any TO the same point as of old.
Inc overwhelming majority of real
estate owners in this emergency have
-cled with moderation which could
nafely have been expected OF them, but
"hicA was Of the highest importance
IN We" OF the fact that the rent item
III hVlng expenses frequently exceeds
one-quarter of the total annual budget.
1t only contributes to a state Of con-
e'hual unrest to take note of the So
cameo nigh cost of everything that is
p"rcnased. The proper attitude is to
aiVlde the price by TWO and inquire
whether that result is not about what
lHe article has always been valued at
Inc fact that rents are still moder-
aye IN spite of the rise is abundansly
a1oested by the absence of new build
'ng. 1t is said that mortgage money IS
not to be had. 1t would be found be-
yond all question if'there was sufficient
iNducement to find it. The simple fact
IS that builders are not searching for
IL and they are not searching for 1t be-
cause there is not sufficient profit IN
building.
Ihe attempt artificially to force down
rentals not only leads TO inevitable
Iailure, but it postpones the day when
building Will automatically solve the
renting question and bring the rates 10
an equitable, normal basis, whatever
tAat may be. The least that can be ex'
pected Is probably the highest that "
demanded to-day
CHARLES E. MANIERRE.
New York, Feb. 81, 1920.