New-York tribune., 1921-02-13
Realty Men Are
Urged to Save
Property Values
Cohen Tells Fraternity to Gel
Together and Solve Hous-
ing Shortage; Claims 1t Er
Result of Bad Principles

Elias A. Cohen has prepared an in
teresting pamphlet on the housing
problem, telling how and b. when i,
may be solved. The pamphlet is ad-
dressed to the real estate fraternity
brokers, agents, owners, builders, ne
chanics, bankers, architects and other
who have anything to do with rea.
estate. Mr.. Cohen reminds the realty
fraternity thGt the development q
Its child, realty value Of New York,
is entirely in its hands. He says TIL.
child, worth many billions of dollars
is about to be destroyed by incom-
petent bungling.
AS a remedy, Mr.. Cohen says;
~ propose for one thing that there
be legislation at Albany compelling
every savings bank and life insurance
company that now holds a mortgage
to give to the mortgagor the privilege
OF an extension for ten or fifteen years
at per cent interest, amortiZing the
loan 212 per cent per annGm. TINS
privilege should exist for one year, al
the end of which time If the borro%ei
has not availed himself OF this option
that the savings bank may call tne
loan at its due date. for # the tenant,
is entitled to (. moratorium and safety
and peace of mind, SO IS the landiorO
"The question is asked: Will not the
housing situation right itself short!
as the prices of building materials sno
labor SO down? 1t will not. First o.
all, because labor and materials VII
not go down just so long as the mate
rial yards apd factories are working on
! 20 per cent schedule with the same
overhead.
$500, 900, 600 Mortgage Bank
Let there be organized a mortgag
bank having a capital OF $50OOoO'VV,v;,
This is the smallest amount that wlu
be adequate to meet the situation Le
the money be loaned as called Tor ano
needed by home builders. One-famls
or two family houses 30 have the pre-
erence. Multiple family houses 81 ~
higher than four stories in heigal "
permitted, unless, of course, hrepfo0s
and with elevators. Let these houses
be built by the people, who ~anb y
occupy them, and a3ong the lines
the present subways. -.
Let each bank or company tsSs
stock in the mortgage bank, paying ~
it with their Liberty bonds at ps'
During the first year no larger suI
that S50,000,000 could possibly DC s4
pended, because the machinery Of pr
duction does not exist. Nor 90 -,
materials exist, nor the laborers 20 ".
it together. During the second yea. rs
/ 100000 GOO could be expended. -
/ third year S150,000,000 and the 19ui3 q
and fifth years S1o0o00,00o each, r.
that time you would have caugh' y
with your housing problem.
Suggest Realty Change Ways
Let the real estate fraternity conduSs
it's own affairs better tAan II has ~,
! in the past. Let the various orgaA.as
tions get together with one ILL., n..,
point Of view, supervise insurance rS.s.
/ and rules, examine beforehand III
posed legislation and meet y Hte,r .;ar
| gently, not with mere blind opposi...SSiI.
( but with fairminded an& aceep'.4pr.s ~
counter propositions. Let US nave ~. ~
est appraisals, honest aesessn. gi;.s, ;.ios
1 honest paortgages, honest eolnpe'+fr-Yp.l' rpl
/ in the erection of our buildings. ~
/ out the graft of the inspectors ana ~. ~.
/ delegates by meeting the situation taTsr n.T
| fully and unitedly. Utilize the 1.vs .ss
| Liberty bond money, amortlze al pr
| ent mortgages wherever posslp,s' NJ,
ordinate city departments; ces ces-,;rg
waste and you VIII find tue no''''s
problem solved.