New-York tribune., 1922-01-31
menace to the lives, health, morals and
sa1ety OF the entire community.
No Relief in Sight

menace 10 the lives, health, morals and
sa1ety OIL the entire community.
No Relief in Sight
There is no relief in sight from
the ordinary activities of competitive
pudding for the reasons above stated
We estimate that there is SHORTAGE
OF about 10000 apartments AS com
pared With the normal supply that cx
'sted IN the years preceding the war.
As the average apartment Of this clnss
vas formerly occupied by five persons
tne accommodations required to rem
cdy this shortage would be for about
4ou,ooo people in the City Of New York.
"lnasmuch as our labors arc still far
IRON; completed in many of the rami-
gcatlons OF this subject upon which
we nave entered and should enter.
there has not yet been the time or
opportunity to examine into conditions
that are said to be almost If not en-
trcly similar in other cities Of thc
state
Cnlcss the state or the city. assum-
ing that either can secure tho ncces-
sary constitutional power. will under
take to supply this pressing need (as
10 INC advsabilty Of which the com
m'ttec expresses no opinion at this
timcl. the only way We sec in which
the necessary capital may be promptly
secured would be by enlarging the
powers OF investment cf the life in
surancc companies so as to permit
them lbut only during the existence
OF TINS emergency to invest small
proportion Of their capital in the con
structIon of this class Of buildings and
the purchase of land necessary there
1or subject to the limitations con
tanned in the accompanying proposed
amendment to the insurance law.
our committee regards this form
of investment as entirely safe for those
corporations under existing conditons
Our Investigations have satisfied us that
II the work Of construction is conducted
on large scale by the building Of units
of square blocks at ono time. sub
stantial concessions from the ruling
prices of labor and materials can be
had that will permit of the construc-
t'on OF healthful model tcnements in
good ne,ghborhoods adapted to the use
OF families of workmen. mechanics.
iaborers, clerks and others Of very
limited incomes at rental prices Of not
TO exceed from IS to 80 room and
stIIl leave for the companies safe re
turns of per cent upon their invest
lnent after making liberal allowances
for depreciation, vacancies, reserves
and the like.
"ln making these estimates your com
n1ttce is supported by the opinions o,
the most important building experts in
the city Of New York of vast expert
cnce.
an view of the existing crisis and
the constantly increasing urgent need
for housing accommodation Of the
character above described, your COM
m'ttcc earnestly recommends tho pas
sage. Of the accompanying amendment
at the earliest opportunity consistent
With its proper consideration
lowing to the necessity for attend
ance upon the sessions of the 1.egisla-
ture by the members of your com
mittee and to the time and labor that
will be required by ita counsel in
formulating for the committee pro
posed intermediate report and proposed
legislation dealing with the various
subjects connected with the hosuing
problem that have been, aud some Of
which a re still under consideration by
your committee in time for presenta
tion to your body at the present ses-
sion. it will be impossible for your
committee TO continue its public hear
ings during the remainder Of the scs-
SION