The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-03-12

i were owned by occupants, sew
enty-three per cent being rent
ed. Of the 81 per cent owned,
17.2 per cent were mortgaged.
Chicago is a city of home
renters and fiat jewellers.
And yet this large majority has no
voice as to what kind of homes are to
be built, or in the building program
in any way. The housing of almost
the entire city is left to the discretion
of the selfish real estate shark and
the grasping contractor. What does
the public's lack of control of the
housing situation lead to? The hous-
ing shortage does not seem to disturb
the large business interests. Let us
read one of the most recent surveys
of the Chicago building situation,
here given believe the light of news
paper publicity for the first time, "A
Study of Building Costs and Rental
Returns" by William ]. Moore, presi-
dent Of the American Bond and Mort
gage Company of Chicago and New
York. The housing shortage and the
high rents do not alarm Mr.. Moore.
On the contrary, he admits that a
housing shortage is highly beneficial
to the real estate men.
Spectators Control Homes.
"Today current advertisement of
the larger real estate bond houses
stand out conspicuously as class be-
cause of their solemn and indisput-
able declaration of no loss to inves-
tors on their real estate bond offer
ings secured by improved city prop
critics. Such unequivocal statements
of safety have properly won the in
creasing confidence of the investing
public"
Mr.. Moore then goes on to show
that the reasons for the safety Of
these bonds are the housing shortage
and the high rents. He says;
Reasons for outstanding safety:
Payment Of the months rent, which
in turn is applied to the payment Of
principal and interest of the mort
gage bonds is the first and foremost
obligation of the thousands seen on
the streets of our great cities. Shell
ter is the most vital and unacceptable
need. New inventions do not and can
not interfere in the payment of rent
ais which in turn pay the real estate
bonds. These considerations account
for the outstanding safety of real
estate bonds as a class.
Landlord Against Tenant.
because of an accumulated hous-
ing shortage of large proportions, and
because of permanently higher land
values, and construction cost levels,
the 1921 propaganda for lower rents
was destined to fail and it did fail.
It now appears-April, 1923-that
the causes for rentals remaining firm
still continue to a very considerable
degree, and these underlying causes
for firm rentals promise to prevail for
several years. The housing shortage
is far from being made up, and the
prospect for a considerable reduction
in rents by reason of over produc-
ton is at least several years off"
This statement shows clearly the
wide opposition Of the interests OF
the tenant and landlord. The real
estate man does not want rents re-
duced nor does he want plentiful
supply of vacant houses from which
the tenant may choose to suit his
| needs. AS the bond house president
goes on to say, "The owners would be
. at the mercy of the tenant should the
city be overbuilt. When there Is q
: housing shortage it is building own
| ers' market and rents will go up re-
CARELESS of either building or operat-
r ing costs"
5 City Allows Suffering.
Il is evident from the foregoing
, that just when overcrowding is at its
worst, is the period of high rents and
. most profit for the landlord. This
crazy system and shortsighted policy
the city has unwisely allowed to grow
until it has ripened into an UMPIRE
cedented menace to the comfort,
ID health and very lives of thousands Of
her citizens. The Department of
Health has for some time realized the
J its weakness in coping with the evils
arising from the housing shortage and
its attendant overcrowding.
"A large number of the people in
certain parts of our city are living in
Easements and cellars which were
never intended for habitation, but
have been converted into living rooms
without the approval Of the author
ities," said the bulletin Of the depart
ment. "There are many rooms which,
by reason Of the lack of light and
especially sunshine, are unfit for
human occupancy. Such rooms are
on the increase"
Out of all the cases reported to the
United Charities in February, over
so per cent Of them were concerned
( with problems of housing. The evil
: effects of the system of private ex
/. ploitation Of the building industry
d with which the government seems
3 powerless to cope, are seen on ever,
side.
: No Children Allowed.
r Miss Marie Merrill, of the Publ
u Welfare Department of the city, toll