Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-25
BROKERS TO PROBE
HOUSING SHORTAGE
EXISTING IN D. c.
Higher Interest Rate for
Building Loans Discussed
at Meeting.

Lee D. Latimer, president of the Real
Estate Brokers Association, Monday or
Tuesday will appoint a special COM
mittee composed of representatives of
the building real estate and banking in
terests, to launch a thorough investiga-
ton of the general housing situation in
Washington and devise means for
remedying the financial ills prevalent.
Authority for this step was given Mr..
Latimer last night, at a meeting of the
brokers association in the rooms OF the
Board of Trade.
Decision to investigate the housing
shortage was preceded.by discussion of
problems foremost in the minds of local
realtors. including lack of money for
building, what is to be done with ten
ants whose leases expire october l, ana
the labor and material markets. The
motion to appoint committee to look
into all phases of the present contin-
gency-was put by w l.. Beale. The
committee will report at the annual
meeting of the association on October
IL. az which time the election of new
officers will be held.
Discuss Loan Interest.
The advisability of seeking a higher
interest rate for building loans was dis
cussed by a number of members, opinion
on this point appearing to be evenly
divided.
w. Gilbert Dent pointed out that s
and II per cent interest rates prevail IN
other cities on real estate loans. For
that reason, he said money from out
side sources is not attracted to WASH
ington, where 6 per cent rate is the
rule. with a few recent exceptions.
Mr. Dent declared that his firm had
experienced no difficulty in securing
an abundance of building material
for homes, mentioning cement, brick
etc tnh
labor was obtainable also. The sole
cause of the housing shortage in his
opinion, is the tight money market.
MIR. Luchs Is Heard.
Morton ]. Luchs, another builder of
homes, corroborated Mr.. Dent in his
analysis of the building situation.
pointed out that his organization re-
Gently raised the interest rate on
building loans to I. per cent and i'm
mediately an influx of money was
noted on the old s per cent rate. he
asserted, no investors were attracted
A. s. Gardiner urged that something
be done Immediately to corral money
interests into the building field.
Charles S. Shreve, secretary of the
association. sounded an appeal for
prompt relief for tenants threatened
with eviction through expiration of
their leases. He declared it to be the
first duty of the realtors of Washing
ton to provide means for sheltering
hundreds of persons who will be
without apartments within the next
two weeks.
TteIeEate Makes Report.
George Y. Worthington urged MEM
bers of the realty body to attend the
next annual meeting of the National
Association of Real Estate Boards in
Chicago. He recounted Incidents of
his trip to Kansas City several
months ago as a delegate to the con-
vcntion of the national association.
A A. King of 1917 H street north
west and John B. Collins of the ma
chinists' building We're admitted as
members of the local body. Francis
X Wholley of the better business bu-
reau explained efforts being made by
the bureau to curb insincere adver-
Using.