The Washington times., 1924-09-27
SURVEYS Re |
SITUATION
IN u /.
Bank Official Says Mucl,
Misinformation on Sub
iect Exists

"A deluge Of mislnformation IN
recent months regarding lower rents
and adequate housing in the coun'
try's large cities win bring about
great confusion If such inaccuracies
are continued" says wv. j. Moore,
president Of the American Bond
and Mortgage Company. Although
not failing to recognize q decrease
In rents in certain Of the over,
built sections Of Chicago and New
York, he says that this condition
y by no means general throughout
both Of those cities. and that there
II still . shortage there as we'll az
only the most insignificant reduc.
tons In other large cities.
In general, Mr.. Moore's survey
Of the situation over the country
shows that in certain sections Of
New York the moderate priced
apartments have reached the "sat.
uration point" and in Chicago the
higher class apartments In certain
sections are adequate for the de.
mand. Atlanta, Ca, shows about a
. to 10 per cent reduction In the
l924-1926 leases, and Washington,
although showing a slight decrease
IN rents, also notes reduced sup
ply OF cheaper apartments in pro.
portion to the demand. In Pitts.
burgh. Mr.. Moore sayg, the rents
are holding the general increase Of
last year, and in Detroit there is nc
decline except for certain types OF
apartment houses in the rather fash.
lonable district. Baltimore, Cor in.
stance, reports that rents are prac.
tically stationary since the high
market In real estate values 0ne
year ago.
Not Normal Market.
In making the survey, It IL fur
Their pointed out that an equal
number Of apartments and buyers
does not constitute a normal mar
ket- There must be at least s per
cent more apartments than there
are, families for occupancy to &C.
colnmodate the demand.
In Chicago, for instance" SAYS
Mr.. Moore, there Is a net gain OF
81, 900 persons each year. The in.
crease Of births over deaths aver.
ages 22,l64, while those COMING in
from the outside average SO,436.
since many apartments are occu-
pied by families Of two or single
persons. the average family In Chi
cago may be estimated to be three,
ana this indicates that 10,145 addi.
tlonal apartments or homes are
needed each year.
There are further $4,000 newly
wed couples in the city each year.
Of whom at least half could be in
eIuded in the new apartment dwell
ers. These, added to the 1915 in
coming families, would reach a
total Of 31,145 families requiring
new housing accommodations each
year."
In 1929. which was a. record con-
etruction year. there were actually
built S3,769 houses and apartments
Says Mr.. Moore:
Taking into consideration the
number of apartments and houses
turned down by reason of improve
ment or obsolescence, it is quite
clear that Chicago scarcely more
than held its own in 1928, in so faI
rs supplying additional housing
needs is concerned, and in 1926
when considering the surplus nee
essary for providing a rental mar
ket there were not yet sufficient
housing facilities.
Situation in New York.
The situation is very similar
In New York. In a report this
year Of the New York State legis
lative commission on housing 4
was said: In New York city the
housing emergency still exists. In
spite OF the large number Of dwell
ings constructed in the past two
years, tenants are in no better DO
sttion today than they were IN 1895
to bargain with landlords. Rents
have risen continuously and con
gestion has increased
1T also was recently testified BY
Captain Harry Allen Ely, president
Of the Federation of Tenants Or
ganization of Greater New York
that with population of $3.50, 63(
more than tenth, or $685. per
sons, in Greater New York are moi
provided with adequate housing
facilities, which, figuring five to 8
family, means that 1875 .903 need ad
ditional quarters Captain Ely fur
ther said, We cannot get over the
housing crisis for ten years, and
possibly twenty-five 1t is true that
much of this housing demand Is for
the poorer classes Of apartments
but the demand for building ma
terial and labor in this class Of con
gtruction stabilizes the building and
building bond industry as whole
AS recently as last October, the
same tenants organization, an or
ganization obviously inclined to see
q housing adequacy at the earliest
moment, admitted that New Yorl,
Y short $4,000 apartments and
houses, and despite doubling uu
$4,000 people will have to leave
town or camp out IL housing laws
GtN