The Washington times., 1921-04-09
TOBOOSF
Rents ON MAYDAY
New York Landlords to Raise
Rates in Some Instances
26 Per Cent.

Z NEW YORK. April s.-Rents are
still going up. and May 1 will sig
nalize another pretty general rise In
New York city. Nccording tS Otto b.
Sl,ulhof. chairman of the mayors
committee ON rent profteering. Hun
dreds of angry expostulatory letters
tfat have poured into the committees
office In the City Hall from tenants
who have been requested already to
get Ready to pay more rent or else
get ready TO move out, as we'll as
many letters from disturbed landlords
who insist they must raise rents or
accept ruin. have convinced Mr.. Shul-
hof that May l will be q day of trial
and tribulation to q host of renters.
The facts of the local rent situa-
tion seem altogether to knock out the
theory that rents. like pther items
of the cost of living, are on the way
downhilL They show the opposite in
fact
SAD MAY DAY COMING.
TT looks like q sad May Day for
a good many people," Chairman
Shulhof said yesterday II have not
had q chance to compile figures or
percentages, but unQuestionably
thousands of landlords of apartment
buildings are getting ready to make
rent increases. In some cases the
contemplated increases are 20 per
cent. People thus threatened are
writing anxiously to know what can
be done. There isn't much we can
do. except arbitrate, to try to get
one side or another to be reason
able, and to accumulate all the facts
for subsequent use. It's a compli-
Gated situation. For example. many
landlords have written to US making
out q first rate case as to why they
should be allowed to increase their
rents.
AT the bottom Of the housing
rentals situation is the inability of
people who are willing to build to
get the money they need to build
with. Money lenders will not allow
more than 40 per cent OF the value
of a new building in making loans.
when as a matter OF business they
should lend on at least so per cent.
builders to, go ahead on any such
basis. People with money to lend
are taking il to the call money mar
ket, where returns are swift and
or are investing in other
fields, where results are more pleas
ing to them. The real estate and
building field Is neglected. and SO
long as the neglect continues there
will be q housing shortage and high
rents.
LEGISLATION PROPOSED.
"In my judgment, I believe the leg
isiature should pass Senator Walkers
bill giving the city Of New York the
right to sell bonds for the purpose of
making loans to those who want to |
build houses for the shelter Of the |
people of this city. 1 do not favor |
Governor Miller's proposition for ,
higher mortgage interest rates, the
invariable result OF which. as has
often been proved. is to increase in
terest rates in all investment lines. |
hampering commercial inter
ests and directly tending to increase |
the already excessive cost of living.
within two weeks 1 shall call a
Of representative men OF the |
to ask them to make sug- |
gestions to the Mayors Committee
toward ameliorating the rent situa-
ton, and especially the May Day
crisis confronting US"
Figures obtained by the United
States Government reveal that all over
the country rents remain practically
while the costs of food,
and other essentials have
gone down. and that high rents keep
the average Of the cost of living at
a point nearly equal to that OF the