The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-04-10
RENT BILL BAN
BY L0NGWORTH
8 7 ANDS
Floor Leader Accused by Lam
bert of Trying to Kill
the Measure.
Continued from Page III

real estate men or unbusinesslike
practices, is the reason for the
present shortage of moIfey for con.
struction purposes in Washington
is the opinion voiced today of Rob-
ert L. McKeever, chairman of the
rent legislation committee of the
Building Owners and Managers AS
ISOLATION of this city, in comment
ing on the Senate housing and
rental survey.
McKeever explains that the re-
cent Senate housing report renders
a great service, inasmuch as it
shows the truth of conditions in
this respect; that Washington is
not confronted so much with a
shortage of accommodations in
housing as a shortage of money to
pay for this housing"
Difference i'm Dollar.
He further contests that 1t is the
IS cents difference between the old
purchasing power Of a dollar as
compared with it's present purchas-
ing power that Congress is trying
to reconcile by legislation"
In commenting on the Senate re-
port, the representative of building
owners and managers contends that
the builders have had troubles Of
their own in meeting "a recognized
wage SCALE" as well as a CORE
spending increase of 100 per cent
in their material bills, and they
are heartily in sympathy with those
Government employees who are still
receiving prewar compensation to
meet postwar conditions"
Fears Worse Situation.
Mr.. McKeever warns "that the
housing situation will grow worse.
not better, If Congress is so short
sighted as to attempt to solve an
economic problem by the passage
of unsound legislation"
He calls attention to the fact
that the real estate men of Wash
ington have been pioneers in the
development of the Capital and have
invested large sums of money in
real estate developments. He says
that further work along these lines
will be postponed in the face of
contemplated legislation,
The figures presented by the
real estate men before the District
subcommittee explaining the in
crease in rents" he continued
will convince any fair minded per-
son that the real estate. men and
the builders are as tightly in the
grasp of these high cost circum-
stances, as are the Government en-
ployes and other tenants. The
costs of labor and material still re.
main at an increase of 100 per cent
with the plasterers threatening q
strike for a further increase to
$14 a day and a shortening of
time to 40-hour week..
Maintenance has increased 75
per cent and up-keep ga per cent,
tax valuation on land, 40 per cent
the tax rate 20 per cent and re.
financing l to 3 per cent. These
five figures are sufficient expla-
nation, in themselves, to account
for increased rents.
Must Be Paids
These items must be accounted
for and paid, and unless there is
enough income from the property
TO pay them, and leave a justifiable
return on the investment the pro-
pos1tion--house, store, office build
Ing or apartments economically
unsound and 1t might be pertinent
to add that a city whose real es-
tate does not offer a sound and
profitable investment is in a bad
way.
You can't get away from the
dollar and cent side of a business
proposition and to try to do so by
legislative tinkering 10 bad politics
and worse economies.
Nothing much need be said
about vacancies as shown by the
report because it doesn't make any
difference whether there are / ,565
vacancies or 5,B0B vacancies. What