The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-02-06
RENT LAWS CALLED
BAN ONNEW HOMES
Sneakers at Real Estate
Boards Dinner Demand
Quick Repeal.
AID BY BANKS DETAILED
Calder Calls for Tax Exem-
tions on Mortgages to
Revive Building.

Speakers at the twenty-fifth annual
dinner of the Real Estate Board of
New York in the Hotel Commodore last
night declared that building would not
be resumed, and could not be resumed.
until the emergency rent laws are re-
pealed. William T.. Knox, comptroller
of the Bowery Savings Bank said that
no builders. even though they may have
sufficient capital can afford to build
in the face of these laws.
THE passage of the rent laws killed
the building industry so far as 1t APP
plies TO dwellings," said Mr.. Knox.
There has been practically no tenement
or apartment house building since their
passage Repeal the laws and there Is
a possibility that building may begin
10 revive, but SO long as they remain
on the statute books there isn't even
the ghost of a chance that the present
situation will be bettered.
There is only one way in which the
savings banks can help out That is
by lending money so far as they legally
and prudently can on dwellings,, apart
ment houses and tenements. Inquiry
made yesterday at seven of the principal
savings banks in this city showed that in
1920 these banks received in deposits in
excess of Withdrawals $54,02S,0 600 The Sc
same banks made mortgage loans during
1920 for S57, 100000. or $3,212,0 900 more
than they took in, but only a small frac-
tion of this money has been or will he
put into new housing.
Hopeless Task lis Faced.
UNLESS revision of the rent laws can
be made we are facing a hopeless task.
hat1 ha tn inc n
orally during the year. and if deposits
keep up this year they will have a sum
estimated at 500, 100000 to lend on
mortgages during 1921. andlthey will be
more than willing to lend on dwellings
If the builders are encouraged to build
and can finance their share of the opera
ton.
Former Gov Smith upbraided those
residents of the city who find fault with
little things and offer no constructive
criticism. He spoke, too, of the news
papers that seem to have the impression
that New York city cannot get square
deal from New York State,
That is untrue he said ''If YOU
want something from the State and you
won't go and ask for it you must not ex-
pect anything to be handed out to YOU -
The theme OF home rule was taken UP
by State Senator Elon r. Brown He
spoke of the tendency to let the city's
traction service deteriorate and the out
cry against loss of home rule
THE trouble isn't that New York has
not home rule" he added. but that 1t
has not recognized its great opportuni-
ties. Instead of devoting your time to
learning how to run some little thing in
the city you might better study how to
run tho State, for when you run the
State you run the nation"
End Tux Exemptions, Says Calder.
United States Senator Calder reviewed
the work of the Senate Committee on
Reconstruction, Of which he is chair
man, and explained the bills now be-
fore Congress for housing relief. He
said he was opposed to all forms Of tax
S exemptions on the ground that as long
as tax exempted securities continue to
increase money will not flow into
housing and legitimate capital invest
ment."
I'VE must choose between halting
national development until the issuance
OF tax exempted securities has been
discontinued. or we must give tax ex-
emption to certain holdings of mort
cages on homes until all securities are
made TAXABLE
The other speakers included the Rev
William 3. Martin and Edward H.
Ford. stephen III. Tying. president OF
the board was toastmaster.