The New York herald., 1922-04-11
In Final Plea Untermyer
Gives Plans of 4 Blocks of
Low Priced Apartments.
HOT TILTS AT HEARING
Realty Men Attack and Ten
ants Defend Eight Lock
wood Bills.
Special Dispatch to THE New yonK HERALD.
New York Herald Bureau.
Albany Anrfi

Special Dispatch to THE New YonK HERALD.
New York Herald Bureau.
Albany, April 10.
The Lockwood committees bill au-
thorizing the Metropolitan Life Insur-
ance Company to invest 100000, 900 in
building cheap apartment houses in
New York city is In danger of veto by
Gov. Miller.
This is the most important measure
of the Lockwood committees whole
housing program.
After listening for two hours at a
crowded hearing to attacks on the bill
from representatives of all the real
estate interests in New York the Gov
crnor indicated that he was not con-
vinced of the merit of the bill. which
would permit the insurance companies
to divert 10 per cent. of their assets
into dwellings, to rent at not more than
50 room.
Eight Lockwood committee bills were
up for hearing and the bitter feeling
existing between landlords and tenants
was revealed frequently, the Governor
pounding repeatedly for order.
Although there was lot of opposi
tion the indications were that the Gov
eTnor will sign all the other measures.
Mr. untermyer charged the insurance
companies were responsible for many
changes jammed into the bill giving the.
Insurance department control over rate
making, but that it was better than
nothing.
F. r. Howe. vice-presdent of the
Greensboro Corporation, attacking the
Metropolitan bill. contended that 1t was
unwise for insurance corporations to put
the money of policy holders into spec
ulative building in an uncertain market.
that the bill would do more harm than
good in curtailing the production Of
building Stewart Brown said the bill
does not provide necessarily for apart
ments that will rent for less than 50 a
room.
Governors Significant Hint.
Il should like you to hear the other
side OF this billa Mr. Untermyer said
TO the Governor.
II think this Is perhaps the bill where
you need to say most" the Governor an
swered. because frankly / have more
! serious doubts about 1t than any of the
others"
we regard 1t as the most important
4 OF all the bills that have been enacted
| and the one most likely to 40 away with
| the housing shortage" Mr. Untermyer
replied. "and 1t will be in effect only
during the period OF housing emer-
gency."
YES but who determines when the
emergency ends?" the Governor asked
"This bill says until March /. 1924. or
as long thereafter as the emergency
shall continue"
"The bill was only intended to extend
| the period of the emergency until 1924,
unless II should then be found necessary
for your excellency to take further ac-
tion." said Mr.. Untermyer.
"Or some other excellency." the Gov
ernor interjected.
IT hope not" said Mr.. Untermyer,
who added. that IL the building laws
of New York were enforced 1t would
mean the tearing down of tencments
which would dispossess $4,000 persons.
You don't expect enough building to
be done by the Metropolitan company
to take care of the whole $4,000 IL
this bill Is passed." the Governor asked.
mo, but we expect that IL houses
are built such as the Metropolitan
company proposes II will help to re-
store rent conditions to normal.
Plans Are Completed.
i
ropolitan company had completed its
plans and was ready to build and that
| other big companies are ready to go
ahead.
II should think II would have a
discoura ging influence on building" the
| Governor commented.
Il should not think SO" MF. Inter
myer fared back.
Mr.. Untermyer then submitted this
prospectus:
comprehensive preparations have
been made In anticipation OF this bill
becoming law" said Mr.. Untermyer.
THE location has been fixed upon and
the preliminary work will be begun
within one week after the bill Is signed
If you conclude to sign 1t.
1T II expected to start with about
four experimental square blocks OF
buildings. each block will be 600x200
| feet and will contain ~ buildings.
six on each street. There will be thirty
six apartments. or 161 rooms. In each
building. The apartments will be OF
four or five rooms each, with bath, each
| apartment separately heated The
twelve buildings will contain 432 apart
ments, making over 100 apartments
| for the four blocks
"The houses will be upon lots ranging
from 95 feet to 102 feet front and 100
feet deep. Each building will be SS feet
| In front and rear and about So feet In
depth, with q courtyard about 10 feet
| long and from 30 to Al feet wide; Sis
per cent. Of the property will be covered
by building; all the remainder will be
open space.
"All the houses will be detached, with
light and ground space on all four sides.
I'VE are assured that apartments can
be rented at not to exceed 20 and prob
| ably IS per room per month. without
including any charge whatever for bath
rooms. and that the investment will
yield an absolutely safe return of per
cent. after the most liberal allowances
for all manner OF reserves and con-
tingencies.
THE blocks about to be constructed
will be located within a ride OF about
fifteen minutes OF Times square for a
single five cent fare. The apartments
to be made available at not to exceed
| S36 per month cannot be duplicated at
the ruling rents at $50 per month. The
effect will necessarily oe 10 greatly re.