The evening world., 1921-05-21
START 1000 NEW
HOMES EACH WEEK
FOR METROPOLIS
Rush of Building Proves Tax
Exemption Is Ending
Housing Crisis.
MONEY BROUGHT OUT.
Not Only Are Mortgage Funds
Freer, but Savings" Are
Going Into Home Sites.

Ten-year tax exemption has practl-
cally banished the housing crisis
! Builders throughout the metropol-
itan district are fling plans for more
/ than 1000 homes week. The prof.
Gets call for fats to house nvariy 200
families and for close to $50 private
dwellings. many of the two-family
type. Brooklyn dwellings are started
at the rate of 100 n week. Queens is
putting almost as many under way
, In the Bronx the volume reaches so.
Flat builders in all suburban bor-
oughs are at work on projects for
homes at moderate rentals. Their
architects are designing houses in
which the 3l,000-a-room tax exemp-
tion covers the outlay--in fact, the
average cost OF the fivc-roonl suite in
J new buildings is $4,6S9. As mortgage
! money Is getting moro plentiful, spec
ulative builders are advancing a
steadily increasing mass OF such op-
centres recently rendered avaua BILE
! by new rapid transit.
! Brooklyn starts several apartment
( house operations of the $500, 900 to
100000 type each week. The Bronx,
, likewise, is producing structures sim
I liar TO the best siX-story class in
Manhattan. the leading projects OF
the past week having been the $780,
900 house Of i've stories for Frank
Begrisch jr. and Realty Managers on
the 126.55x2l2.5 northeast corner of
| Davidson Avenue and Fordham Road.
Metropolitan Life Insurance Com
pany announced building loans OF
$1,000, 600 on thirteen apartment houses
in the greater city to mako homes
for 43S families.
Weekly reports OF the +. W. Dodge
Company show fully SO per cent. of
current construction throughout tho
metropolis to be residential. Among
479 projects for which contracts were
awarded, calling for SlS,44s,000, were
329 residential at S9,29S, 900. In the
same week $40 operations we're re-
ported in the planning stage at an
estimated cost of S27,9ll,0 900, embrac-
ing 500 residential at $l5,9l9.000. Tho
rest of the country averages SO per
cent. residential work.
| That New York's tax exemption
measures Were undertaken Just in
| time to start home building. ahead
| of the rest of the country Is indi-
Gated by reports OF Government
| bureaus in Washington. The Labor
| Department announces that building
materials are 40 per cent down from
the levels OF year ago. Labor itself,
although holding Off for high war
wages, is gradually coming back 10
normal levels on account of the many
men from various lines out of work
and the desire ~ scattered workers
TO earn living rather than to sit
| idle in the hope OF continued high
pay. The Federal Reserve Board
reports lumber mills starting on full
time again as "a result of the rush OF
home builders for materials. The
Census Department reports great
increase in home-buying and this
| largly from the savings OF middle
class workers, thus diverting a strong
flow of new capital into real estate.
Fully 100000 families in the United
| States now live in their own homes,
leaving 100000 20 pay rent.
| Government heads seem to agree
that home building and buying Is
sure to increase and that rents must
come down as "A result OF the turning
country's CONSTITUTIONAL energ" into
the production of homes to correct
| the wartime housing shortage.
! In the metropolitan district the
| housing crisis has developed a great
new force for Americanization.
! The home seeking panic aroused
wage earning masses to acute study
| OF civic and economic problems a
year or more ago, when thousands of
rent -harassed tenants formed orr
| Sanizations for mutual protection.
They held meetings and placed them
selves in the way of much enlighten-
ment from substantial American
sources. The results have been re-
veaied this spring in the rush for
suburban homesitcs at big auction
! offerings and in the private transact
tions OF brokers dealing in both land
and dwellings,. A round 5 1000 lots
have been offered at auction and
sellers have been surprised at the
/ prepond%ance of what might be
called alien buyers--not aliens at
heart, but eager aspirants for the
honor Of settling down in their own
homes as model American citizens. \
| large part Of them are imnigrr ats
OF recent arrival Others have been
here several years, some mar, years.
Careful scrutiny shows trl heaviest
! buying in the aggregate Oy -hCs2 of
Italian and German ,-ncestry, with
the Irish running "A strong third.
Hebrews, too, are plentiful at such
functions. but they put the bulk OF
Their money into business, MS n rule,
leaving less surplus for land invest
mcnt. The other three classes NJ
buyers seem 10 he seeking land as a
place for their savings. They bee pmc
at once deeply interested In the Ncl-
fare of city, state and Nation. rhus
every knockdown of the auctluncCr'a
hammer drives one more riVct INTO
the growing hun OF true Amer can
sun. Buyers on the various nom.
tracts usually form local p-ppcr:y-
owners organizations, or improve
mont associations, They get together
for mutual help and for the good of
their district They become active in
local political or civic mOVCm-n
Many sta pans at once for Invest
ing NOR II their savings IN nome
building. fhcy launch building IAN
organiza lions to help others whu
want TO join their colonies Even be-
fore a Large majority OF th"m can
understand the language veil, or
have completed naturalization, ,hey
become icd securely by thC,r land
holdings - the c"urtr' aud TIVE drr