THE STATE HOUSING LAW - Preliminary Report of the State Board of Housing to Governor Alfred E. Smith - December 15, 1926

Sep 21, 2026

Preliminary report prepared by the State Board of Housing for Governor Alfred E. Smith on December 15, 1926. The document explains the board’s studies into the cost of acquiring suitable sites and constructing multi-family dwellings in New York City tenement areas, aiming to rent within statutory maximums. It outlines core features of the State Housing Plan, including limits on speculative dividends, tax exemptions, use of condemnation for fair-price site acquisition, rent limitations to protect tenant benefits, and governance through a State Board of Housing. It also describes two limited-dividend company structures, financing rules, and restrictions on land disposition and bond costs.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages22

Reading Time55 min

AccessFree to download

Preliminary Report

The State Housing Law

State Housing Plan Features

Limited-Dividend Housing Companies

Financing, Dividends, and Restrictions

Contents and Tables

97-84075-12 N.Y.(State). State Board of Housing. Preliminary report of the State Board of Housing… Albany 1926 ORIGINAL MATERIAL AS FILMED·EXISTING BIBLIOGRAPHIC RECORD New York(State).State Board of Housina. Preliminarv report of the StateBoard of Housing to Governor Alfred E.mith.December 15.1926.Albany.J. B.Lyon Company,printers,1926. 31 RESTRICTIONS ON USE: Reproductions may not be made without permission from Columbia UniversityLibraries. TECHNICAL MICROFORM DATA FILM SIZE: 3mmREDUCTION RATIO: //:/IMAGE PLACEMENT:IAIAIB IIB DATE FILMED: 5.7.97 INITIALS: uB TRACKING\#: 23891 FILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA. 25 PRELIMINARYREPORT of THE STATE BOARD OF HOUSING to GOVERNOR ALFRED E.SMITH December 15,1926 ALBANY J.B.LYON COMPANY,PRINTERS1927 STATE OF NEW YORKPRELIMINARY·REPORTof THE STATE BOARD OF HOUSINGto GOVERNOR ALFRED E.SMITHDecember 15,1926ALBANY J.B.LYON COMPANY,PRINTERS1927 THE STATE BOARD OF HOUSING — , Department of Architecture DABWIN R.JAMES,Chairman. OLIVEE CABANA,JR. LoUIs H.PINK. JoHN HALKETT. AARON RABINOWITZ SULLIVAN W.JoNES,State Architect. GEORGE GovE,Secretary WLLARD L.THORP,Statistician. CARL S.STERN,Counsel [2] 儿 CONTENTS PAGE State Housing Law……… … …… 5Typical Block PlanB… …… …… …8Coet of Aequiring Sites… … ………… … … …10Renta at Given Site Costa.……… ……… …………… ……13Costa of Metropolitan Type I… … ………… …………16Coesta of Metropolitan Type II… ………… … … … …18Costa of Compaet Type L …… ………… …… …20Costa of Compaet Type II ………… …………… …………………22Costs of Open Type I.… ……………… ………………………24Cota of Open Type II………… …… …… … …26Methods of Eatimating Cost ……… … ………28 TABLES Table Number I Number of Blocka Available at Various Eatimated Coeta per Square Foot…………11 ·Ⅱ Distribution of Blocka according to Ownerahip.……… …12II Summary of Renta for Different Land Values… …… ……14IV Effeot of Store Values on Rents …… …… … … ……15 L551”20 The Board acknowledges its appreciation of the assist-ance given throughout the inquiry by Mr.Walter Stabler,comptroller of the Metropolitan Life.Insuranee Company;Mr.Alexander M.Bing,president of the City HousingCorporation;Mr.Clarence H.Holmes,president of theCity and Suburban Homes Company;by officers of theBuilding Managers and Owners Assoeiation,and by theCommittee on a Regional Plan for New York and itsEnvirons.As eonsulting arehitects,Arthur C.Holdenand Assoeiates prepared the type studies which are shownin this report. [4] nu # THE STATE HOUSING LAW The State Board of Housing,created under the terms of the StateHousing Law,was appointed by Governor Alfred E.Smith on July 1,1926.The Board at once began studies of the cost of aequiring suitablesites and of various types of building that may be erected thereon underthe terms of the law. The studies have now progressed suffeiently to justify the eonelusionthat a material contribution to the improvement of housing conditionsean be made provided those interested are prepared to act under the law. This preliminary report is presented to show several types of multi-family dwelling that can be erected in present tenement house areas ofNew York City,or other eities of the State,to rent for not more thanthe statutory.maximum. The essential features of the State Housing Plan are: Limitation of dividends on capital invested in housing projects toeliminate speculative profit. Exemption of the housing corporation,its stock,bonds and interestthereon from State taxation to reduce annual eharges on the projeet.Exemption of buildings and improvements from loeal taxation tofurther reduce annual charges. Exereise

FAQs

What was the purpose of the State Board of Housing’s preliminary report dated December 15, 1926?

It was presented to justify and explain types of multi-family dwellings that could be erected in New York City (and other state cities) to rent for not more than the statutory maximum.

Which core provisions of the State Housing Plan are emphasized in the report?

The report highlights limits on dividends to eliminate speculative profit, tax exemptions, condemnation power for fair-price site acquisition, statutory rent limitations to conserve savings for tenants, and creation of a State Board of Housing to administer the law.

How do the “public limited dividend housing company” and “private limited dividend housing company” differ?

The public company may exercise powers including condemnation but is restricted in disposing of condemned land except to another public limited dividend housing company; the private company cannot exercise eminent domain and may dispose of land or buildings only with State Board consent.

What financing and dividend constraints apply to the limited-dividend housing companies?

Companies must raise at least one-third of project cost through corporate stock and the remainder through mortgage bonds not exceeding two-thirds of actual cost; dividends are capped at 6% per annum with rules on permitted accumulation, and mortgage bond interest payments are capped at 5% per annum.

Sep 21, 2026

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