Evening star., 1933-01-07
COOPERATION SEEN
AMONG REALTORS
TO REDUCE RENTS
Counsel for Real Estate Board
Speaks to Apartment Own
erS and Agents.
CAPPER AND COPELAND
GIVE THEM WARNINGS
Reductions of IL Per Cent Since
October l Are Cited-Commis-
sion Prospect Still Held.

SlUH Prospect 0tll1 hclu'
Belief that owners and agents of
apartments here will cooperate in an
effort to reduce rentals further, where
possible without loss of properties for
interest or taxes, was voiced last night
by a spokesman for the Washington
Real Estate Board, at a mass meet
ing in the United States Chamber CT
Commerce Building.
The statement was made by Roger
j. Whiteford, counsel for the board, be-
fore gathering of more than 200
owners and agents of properties and
others, who crowded the meeting hall
His brief verbal announcement
brought to a close a two-hour session
occupied largely by addresses by Sena-
tor Capper of Kansas and Senator
Copeland Of New York, members of
the rent investigating group of the
Senate District Committee, who de-
clared they were convinced that the
rent level here still was too high and
must come down more. Both urged
property owners act rather than force
b4A~AdL dCllOIl ny AOIlSI6SS.
Agrees With Realtors Position.
The response. by Nh Whiteford was
in accord with position taken prior
to the meeting by number of leading
realtors, it was explained after the
meeting.
At the opening of the meeting. Mr.
Whiteford, who presided, announced
that study just completed showed
1aoL 6y1%
per cent had been made since o.
year 81 per cent. 1t revealed also, he
reported. that rents in more than 38
per cent of the apartment buildings
here have been lowered since October l
to the extent of S250,000
Senator Capper and Senator Cope
land voiced solemn warnings of The
current economic situation in Wash
tngton, describing conditions of wide
spread unemployment. the cut in Gov
eminent pay, and the crowding of
families into inadequate housing. Both
held out the possibility of Government
regulation of rents unless owners are
willing to sacrifice.
VIII Report Tuesday.
Senator Capper reported the Inves-
tigating Subcommittee of the Senate
would make its report next Tuesday,
but said it was his personal conviction
that the investigation showed clearly
that further rent reductions must be
made, particularly in some sections OF
the city. Il think we have grounds
to declare that rents in general are
still too high" he said. They have
not been reduced to the extent as they
have in other cities, he contended, nor
o%l J{,-,,,
wage levels.
He praised the statistical arguments
submitted at the hearings by Mr
Whiteford, j. F. NJ Bowie and Rufus S.
IuSk, but declared he still could not
understand why rents should not fall
when there Is II per cent vacancy in
apartments. If there is free competition.
Il appreciate the fact that many
apartment owners are having difficulty
in meeting their expenses and keeping
out of foreclosures and receiVcrshlps, -
he continued. Il realize that not every
landlord is able to show a substantial
profit and know, too, that some land
lords have simply faced the facts and
have made generous reductions and
other concessions to tenants. But from
a painstaking and entirely impartial
survey Of facts, feel strongly that rents
have not been sufficiently reduced l
am sure that in most instances they
can be brought down without actual
hardship to owners"
Referring to reductions already made,
he told the realtors and property own
ers they had made "a good start"
Senator Capper also denounced out
RACES" of promoters of wildcat financ-
ing" adding that he believed them to
be the exception rather than the rule
hpTp In fhic rnY1raPtiOr9 Io
bespoke reduction in the interest rate
on mortgage loans, and cited a cut in
interest rates just reported in New
York.
Mr. Whiteford then declared the
property owners and realtors Of Wash
ington would be glad to see a 1educ-
ton in the interest charges, but that
they were subject TO contracts already
made in connection with mortgaged
properties That is a problem that
property owners cannot do anything
about, he said, adding that taxes also
have not come down.
Senator Copeland Endorsed all that
Senator Capper had said
Holding out the prospects Of estab-
Ishment Of a rent commission he-e
he declared there is no doubt that
Congress has absolute power to regulate
rents in the District of Columbia if il
wants to. We can't do it III New York
or in Kansas, but the wise founders OF
our Government gave to Congress the
constitutional right to complete juris-
diction over the District. There is q
sound reason for that. for it appears
possible that tLe Government machin-
cry here could break down if a situa-
tion developed in which the clerks
could not pay rents
Don't Have to Live Here"
He added that if local residents wert
not pleased with the situation ''you
did not have to come here to live"
Senator Copeland told the property
owners and agents that he, too was &
landlord in a modest way, as well a.
a tenant, and that he did not blame
them for trying TO get profit out of theil
Investments. But" he added, there
are times when We can't"
III you are making a generous prof.
to-day he continued, you are making
too much. If YOU are breaking even
you are lucky. These are times to sacri.
fee"
Discussing the study showing wha
rent reductions have been made here
he emphasized there was a remark
able" difference in the amount of profits
being made on various buildings, tina
some few were in the red" a large
group paying per cent and others II
per cent He declared That line O
profits should be flattened out"
AS to the proposal for creation Of
rent commission, he said I'VE do no
want TO use that power; we want yol
to help us solve this problem. You