The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-04-09


Of the Tenants League, which turns @
and another lawyer, charging two
dollars year for the tenants mem
bership, and protecting the tenant
for that year in court, says, "1he
only way to reduce Chicago's rents
is to get Legislation passed curbing
The landlords and then go to law to
see that the legislation is enforced
Housing Shortage.
A. somewhat rare solution is the
housing problem, which is not only
unusually frank and honest, but put
forth by a man Of authority, is
contained in a recently issued
Study Of Building Costs and Rem
tai Returns by William ]. Moore,
president of the American Bond and
Mortgage Company Of New York
and Chicago We have already
briefly quoted this treatise to dem
onstrate that there is a housing
shortage in 4 nerica After show
ing that because of high rents, real
estate bonds are a Szre and most
profitable form Of investment, and
will continue to be for several years,
Mr.. Moore tells why he thinks rent
will remain high, and what he
thinks is the only road which will
lead to a reduction of rerts.
"The National Association Of Real
Estate Boards recently made a ma.
tionwide investigation as to over
production or under-production of
housing facilities" the banker points
cut. "This investigation, which was
most thoro, demonstrated that the
housing shortage is far from being
made up, and that the prospect for
considerable reduction in rents by
reason of over-production is at least
several years Off. Of 1874 cities
which reported, 131 declared a hous-
ing shortage existed. No overbuild-
ing is reported in 1914 out of ITS
cities; 100 out Of 1856 cities indicated
rentals firmer and higher. Another
statistician of recognized ability
made another investigation of so
principal cities. He arrived at the
definite conclusion that practically
all Of them are from one to three
years behind in their building re-
quirements.
No Reduction In Rents.
The survey proves, as all other
surveys have proved, that there is
a definite and considerable housing
shortage in all our principal cities,
and 1t further concludes that the re-
sulting high rents will continue to
make the high interest now obtain
able on real estate bonds, and in
vestments, very profitable secur-
ity.
But Mr.. Moore, altho not she'd
ding many tears over the high
profits he is reaping on real estate.
is not unsympathetic to any move
designed to lower the general level
of living COSTS" He therefore pro-
ceeds to tell US just how this lower
ing Of rents can be accomplished.
There is only one way, he tells us.
Organization, propaganda, legisla- !
ton, and political parties, he does
not even mention. Mr.. Moore is a
powerful man. He knows lust what
he can count on for the courts and
legislatures to do for him. Mr..
Moore evidently has no fear that
legislative bodies which are con-
trolled by interests which he rep
resents will bite the hand that is
feeding them. But he does have a
remedy for the high cost of living.
Here it is:
1.-THE only way permanent reduc-
ton in rentals can come about is
thru material reduction in build |
ing COSTS" he declares. "This re-
iuction is possible only when three
things are brought about-until |
there has been brought about a
substantial reduction in the wages
IF all mechanics employed in pro-
iucing building material and in
'recting the buildings. This is true
because 20 per cent Of the cost of |
TENS entering into construction is
or labor, the raw material costing
Tot over 25 per cent. o-the price
II coal must be reduced. 3-freight
ates must be reduced. 4--income
axes must be reduced, for every
'enny Of income tax collected from
he building industry is added to
he buiIdipn, coefov