New-York tribune., 1920-03-26
50 far as real estate development

SO far as real estate development
projects were concerned"
dob II. Schreier said that he Aad
written to Senator Gibbs to find out
VINO was behind the bill, but that the
only information he received was that
It was introduced "bv request" Joseph
kosenschweig and others spoke arainat
/! the bill. Commissioner Hirshfield sa;d
that conditions were SO ominous that
| he had entered into contract to sell
| the last piece of tenement house pron.
erty that he owned.
City Plan Wins Support
Increased support for a citv hou.-
ing program as relief from rent
profiteering was noticeable Yesterday
officials said, when it became more
evident that investors would keep out
| of the building business if the bills
pending at Albany are passed. The
United Real Estate Owners Associa-
tion officially Joined in this movement.
and Fiore}la H. La Guardias President
OF the Board of Aldermen, and Bor-
ough President Curran of Manhattan
took up arms in it's behalf.
buiiders and investors gave up the
last hope OF defeating or greatly modi-
await results before making any
further moves. While they admit that
some relief for tenants is necessary
they agree in declaring that the laws
Will simply put stop to all private
building, and that by the time the
next Legislature meets the situation
will be worse than ever.
II hope l shall be proved wrong in
my fears as to the result of the legis-
lation," said Robert E. Dowling, chair
man of the legislative committee of
the Real Estate Board. Building is
the only cure, and l can see no chance
of much construction with such laws
on the books. But they should be
fairly and fully tried"
Alfred +. Marling. president of the
Chamber OF Commerce, who was &C.
lively at work last summer on the
housing situation as member of the
Governors Commission on Reconstruct
ton, expressed fears as to the results
OF the new laws.
There are three things needed to
NEE meet the housing situation" he said.
They are brains, good will and money.
There are brains enough, if they get
chance to work Just now there is
no good will and the chances of get
ting money are growing smaller,
"This legislation, / fear, will not
settle the question. 1t may help in
some cases. But it has the great evil
OF soaring out money, which we need
It anything real is going to be done.
who will want to invest in a property
which he knows will be worth less and
less for some time. and on which his
income is to be determined by con-
slant court actions?
My idea would be to establish arbi-
tratlon boards under the control of a
central authority, to be composed of
such people as Lawson Purdy, Lillian
D. Wald, Robert W. De Forest, James
P. Holland and Allan Robinson. Boards
like the draft boards should be chosen
and sit in all parts of the CITY, Real
facts should be brought out Public
opinion, ! think, would be as effective
against the rent-hogs as the proposed
laws will be-"
Would Build on Cantonment
A new plan was suggested by Major
La Guardia, who urged the Mayor to
have the city take over the naval can
tonment at Pelham Bay and turn it into
accommodations for citizens. He de-
clared 5000 families could be so
housed. He also urged that the city
build tenements for 10000 families on
clty-owned property, and argued that
Corporation Counsel Burr's opinion
holding the erection of permanent
tenements by the city illegal did not
take into consideration the power of
the Board of Health to act.
Stewart Browne, president of the
United Real Estate Owners Associa
tion, added that organization to the
ranks OF those who want city housing
program when he followed a prediction
that under the proposed laws there
would be no private building with this
recommendation:
'If the city itself would start out
with a~buildlng program for the next
three years for workers houses | have
no doubt that labor unions would agree
not to demand wage increases for
year or more and would also increase
their daily output. Unless the state
or city takes a hand in housing there
will be little new housing for workers
IN the next few years."
Owners of business Office property
Teplled to the charges of the Office
Tenants League that they were
profiteereing with a specific denial. It
was declared that. taken as a whole. the
property south Of Chambers Street had
not paid an average return of per
cent for the last ten years.
Horace S. Ely & Co., agents of the
Langdon Building, at 3o9 Broadway.
whose tenants started the league, made
public figures as to that building. M.G.
Ely said that even with the increases
asked the structure would not nav 3
per cent, and that the rental was beine
held low because of desire to draw
tenants frop the lower business sec
The actual profits on the building.
the books of the company show, have
averaged under 3 per cent since 1912.
They have been as follows, beginning
with 1912: 3.57, 3, 2.75, 2.25, 2.44, 2.e7
was completely tenanted for the firsf