New-York tribune., 1922-04-15
Metropolitan Life to BE.
gin al Once Construc.
ton of S0-a.Room Flats
Under New Legislation
Relief for Tenants.
Says Unternlyer
Lockwood Confident of
Success of Move, bu, In
sists Other Legislation
Also Is vitality Needed
rrom O stoa cerrcsnoadont

ALBANY. April 1A.-Governor Miller
signed to-day all the Lockwood HOUSING
bills before him. seven in number. This
makes eight the Governor has an
proved, the first being enacted into Law,
more than two weeks ago. That meas
ire extended the time for build;nc
dwelling houses so that advantage could
be taken Of exemption from local taxa
ton for another year.
The Legislature passed nine housino
bills. in all. The ninth. providing for
he return of jury fees in untried cases
to victims OF rent profteers. was not
before the Governor, as Mayor Hylan
vetoed it without giving any reason.
This act killed by the Mayor would
have provided for the repayment of
more than Sl50,000 exacted in the last
two years from tenants in New York
City.
The bills signed by the Governor TO-
dsy provide:
/. That insurance companies NAV in
vest I'D TO 10 per cent OF their assets
in apartment houses where the morthlv
rental shall not exceed 50 q room. One
big company has promised to devote
slo0.009.ooo to this purpose
:. That the emergency rent laws shall
be in force to March /. 1924. unless
further extended by the Legislature.
}. That tenants shall be further pro
tecsed ny new sections OF the law from
the rapacity Of gouging landlords.
4. That fire insurance rate making
monopoies shall cease and that ali
rate making bodies shall be subject to
the supervision of superintendent of
Insurance.
.. HAT niutual fire insurance com
panles shall not convert themselves
into stock companies.
Given Equal Rights
s. s. That mutual insurance companies
may write the same line of policies as
stock companies.
That New York City may hold
pflne,pai contractors TO perform work
ansndoned by sub-contrs ctors.
W 70 the moment Governor Miller
ssaeo inc biils the same powerful
nrdeground lobby, which, succeeding
lakilline nine of the eighteen honsine
measures In the Legislature, tried some
OF their persuasive tactics on the Gov
lee,nor. His answer was the af1ixing of
nls signature to the bills, without COM
meht except in one instance. This
was IN the case of the bill enabling
insurance companies to invest in SO
apaftments. Commenting on this the
Governor said:
:. lhis is temporary measure to re-
i,e,e an emergency and can be justified
on! as, SUCH. The duration of the
powers granted is limited to March 1,
iia-4 the date to which the rent laws
hsVc been extended, or to the dura-
'.'on OF the present housing emergency.
wnlcn must be construed to mean until
mafch /, 1924, unless the Legislature
snail further extend the emergency
laws. sN''N'
AT least one company proposes 10
Jake advantage of the act and already
mas prepared plans which it is pre-
pared to put into immediate execution.
II proposes to erect sanitary. well ven
tliated tenementS to rent for 60 q
month a room or less. It's estimate.
oased on actual market conditions and
labor costs, without taking into &C.
count possible concessions, indicate
'hat at less rental than that pre-
@riped by the act the Investment will
SeIo per cent return after allowinp
.or oepreclatlon and q sufficient amor.
t1dt'on during the tax exempt period
W more than Offset any possible de-
slime in prices.
Housing Affects Death Rate
Proper housing so vitallv affects the
neat'h OF the community as to be
matter of pecuniary interest TO insur-
ahce companies.
:, II seems to be established that
mere now is practically no building o,
Az" priced tenementS This r,easure az
I"'' ohers some immediate relief in
the ield where the need is greatest
uonot that it will have the effect Of
aelcrring others from building as some
seem TO fear. Certainly it viii not stoD
s; sNat is not now being done. 1t NAV fur
nNn an object lesson.
have seriously doubted thc Wis
ton OF allowing insurance comnanics
" make investments involving so great
posSioliltY of speculative risks, but
ssIai;sst'er'nG the limited time during
,h "iea such Investments are permitted
se dFect pecuniary interest of insur-
,ss ~ oi companies in proper housing,
"iihngness Of at least one COM
SSs"s 10 invest under what appear to
adequate safeguards, my doubts
ge g,,,. welded to the belief that there is
e,sa s'e Danger of any harm from this
gasufe and much hone of real relief"
ohe or the new laws declares that
~ .i 'ne purpose OF determining the
ba,sud ana reasonable rental value of d
Sss ,so the assessed valuation OF the
P9''y Tor the year in which the ac-
tcontnusd en- page ihree
GUN Will Shine Easier.