New-York tribune., 1921-10-02
By Walter kraslow

What would have been the condition
OK the building industry in and around
New York City this year if it had not
oeen for the so-called Speculative
builders? With active construction at
ITS lowest cob early in the year. and
very little new work in sight, the out
look was admittedly dark for the pro-
ducers of building materials and SUP.
phes' sub-contractors and building
labor, the latter with months of un-
employment staring it III the face.
All optimistic statements regarding
1he close proximity of tremendous
building boom turned out to be highly
eoiored bubbles which burst without
feiping the building industry, until
speculative builders. taking the chances
tney always must assume. commenced d
the operations that later in the season
grew in number and developed into The
iong expected building movement. thus
saving what only few mouths before
appeared to the organized building in
'efests OF this city to be hopeless
situation.
Every one is familiar with the acute
housing situation that prevailed last
autumn. Because of the high cost of
materials and other factors, practically
nothing had been done since war time
20 alleviate the distress caused by the
Jack of living accommodations. The
rev builders who made an attempt to
s.art operations were hindered in many
ways, principally by the scarcity of
financial support and the fact that
when 1t was possible to obtain loans
they were for such relatively small
percentage of the building costs, and
&C such extortionate rates. that pros
pectlve builders were unable to meet
the terms
Although there were many who de-
erred the passage of the tax eyemp-
ton ordinance. passed by the Board Of
Estimate and Apportionment last Feb
ruary, as being an unwise discrimina-
tory measure, the response on the part
OF speculative builders was immediate
and the great progress made during the
summer has proved this ordinance to
he all its proponents claimed and the
greatest single factor in relieving the
housing famine. Speculative builders
lost no time in taking advantage of its
provisions, and as result the commu-
nifty has obtained real service through
the additional housing facilities pro
vided, and the building industry has
gained greatly through the construc-
tion involved.
&i6C AoA GACihPtiOU DC EAtc1QCu
The tremendous success of the tax
exemption measure and the extent by
which it has already relieved the acute
housing situation in New York City
warrant its extension for at least an
other year. The city is still far be-
hind IN its housing program, notwitll-
standing the great forward strides
made this year. Thousands of homes
must yet be built; hundreds of living
units in multifamily dwellings must
be provided if living conditions are to
return to normal in this city within d
reasonable time. The great number OF
dwellings erected in Brooklyn, Queens
and the Bronx during the season now
closing will supply but a small percent
age Of the needed homes, as r.ey will
not much more than provide for the
natural annual growth of the city's pop
ulation. While the housing situation
is not the serious problem it was
twelve months ago, this city is still
underbuilt so far as dwelling require
uents are concerned, and as the tax
exemption ordinance was the vital
spark that started the house building
provisions certainly should be extended
over another year az least il the city
IS to return to normalcy so far IS its
housing is concerned.
Little doubt exists in the minds Of
building material dealers as to who
to thank for the excellent business
they have enjoyed this year. Had it
rot been for the speculative builders,
who started their operations in the
face of seemingly insurmountable dif
ficulties, the material dealers would
have neen almost idle. as very lttle
other building was active and there
vss practically no new work in sight
Speculative builders, however, Just as
soon as conditions were made somewhat
easier by the passage Of the tax cN-
emption ordinance, Immediately ma
tured their plans for a building pro
gram of large proportions. and. as this
plan developed. steadily increased its
volume and scope. Early THIS year,
even after the passage of the cxemp-
ton measure, none Of the leading spec
ulative builders in this city had any
dea that the building movement would
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