Show More Intensive Building Is Necess rY in Pacific Region Coast Cities Fail to Erect Buildings in Keeping With Population Growth I More ore Building Is Necessary ary in Utah and Other Growing Cities of This Section During 1924 I By K W. W Bowes the fifteen Pacific coast cities of at greatest population have Js- Js cued aued building permits permit calling for tor investment of ot during the four tou our y years ra beginning bea with January 1920 2920 they h have ve not be been n building In Proportion to their growth These citIes hav hAve Increased creased in population by newcomers and hou housing lna- lna of at all types type Is to v less legs plentiful and rental schedules generally higher than dt at it that time Every growing city In WashIngton Washing WashIng- ton Oregon California California- Idaho Utah Nevada and Arizona must expect more intensive building during 1924 and for tor several yes years r. r to come than heretofore or tall fall to meet the requirements of ot a rapidly Increasing population Great Groat as a. has been the tha building program programs pro pro- Tam grams of th theto e cities In r recent cent years yare few have been erecting new buildings building In m proportion to Increase In population The result Is III a B. housing shortage in inmost inmost most moat of ot them greater than existed at the clos lose close of ot the wartime period of at in inactivity inactivity In- In activity In iTa building bul and In the tha vast ma- ma of ot these cities rent schedules generally prevailing today are higher than at that time If adequate provIsion provision provision pro pro- vision Is to be made for tor the many thousands thousand of ot newcomers to th these se cities the building program of at the West Vest must be materially Increased during the next few tew yearn yeara This Thle In is clearly arly shown In a building survey suney of ot Western Vestern cities recently conduct conducted con con- duct ducted Id I'd by S S. S W. W Straus Co nationally national national- I ly known Investment banking house which deals exclusively In the financing of ot new buildings of ot essential demand This survey covers all of the larger cities of ot the seven Pacific coast cOllet states It deals with building activity and growth In population during the last four tour years and with existing housing conditions as reflected by a comparison compari compari- son of ot rental schedules of ot 1920 1320 and as all of today BUILDING AND A cross section of ot estern Western building I conditions and hou housing situation is III shown by the accompanying table which gives figures taken from the Straus survey for tor fifteen cities of ot greatest greatest great great- est population But thre of these cities show rental reductions from the general schedules of ot 1920 three three- report rental renta I Schedules practically the same and the rest ret show rental Increases rangIng rang rang- ing lug from five to seventy tWo per cent An average increase in population of ot forty-eight forty per cent Is shown ranging from 6 0 per cent at Salt Lake Lale City to per cent at Long Beach Duch The average Investment in new construction construction construction con con- for tor each newcomer citizen Is 1042 on a basis of at one building permit Issued for each 2 38 newcomers newcomer But Dut air aix lx cities clUes report newcomer Investment ratios greater than the average the most notable being Salt Lake which nevertheless reports report no reduced rentals A notable example of ot low ratio is la that of ot San Francisco which ha has I Invested but In new buildings for each newcomer new new- corner comer and where rent schedules range from 40 per cent Increase for tor flats flata to 76 75 per cent Increase for tor apartments apartment over rentals rental of ot 1920 lUO The av average rge building permit for tor these fifteen cities during the tha four tour years ears period pe PC- nod has hall been 2481 2461 In Ran Han Francisco this thle average figure is I. and but butone butone one building permit was waa Issued for tor each 6 26 newcomers newcomer Indicating a relatively greater number of ot apartment houses hotel hotels structures structure etc and fewer permits permIt for tor Individual housing than in most mot oth other r clues cities It IL also alo shows show an increasing housing shortage hortage reflected by the higher rent schedules In Los Angeles the newcomer investment Investment Invest invest- ment ratio and that of ot the cost per permit are but slightly above the average average aver aver- age yet today today's rental schedules In that city range from tram 20 0 per cent to 40 per percent percent percent cent above those of ot 1920 These figures figures fig fig- ures urel show a n. greater proportion of ot IndIvIdual Individual in individual In- In housing construction than at San Ban Francisco The Los geles Increase In population for tor this period ha hall hag been 13 73 per cent and its Ita roster of newcomers numbers more than 41 U per cent of at the tho total increase for the entire list of ot fifteen principal cities clUes while its four tour years years' building total Is fa 43 per cent of ot the whole BUILDING COSTS Building costs have hao slightly and gradually gradually grad grad- Increased since January of 1920 1910 so that today's r rental schedules cannot accurately reflect a true ratio of housing hous hous- ing tug shortage Rentals however always Indicate more truely trudy the relationship between supply and demand In housing than It does Increased cost of tion The housing status of ot J January nuary 1920 was based baaed on conditions resulting from the war and it was wa estimated then that five lve years of ot intensive buildIng building build build- ing would be required to restore housing hous lious- ing lug and rentals to prewar normal Four Tour years eara of at building activity since then has not only failed tailed to reduce that housing hous houa- ing shortage hortage but hut has haa in most mot places failed tailed to keep pace with Increases in I population In anticipation of ot the great demand which building requirements requirement of ot the Pacific Pa Pa- coast must make mako upon capital In practically ever every city S. S W. W Straus Co is 18 preparing to extend Its service tar far beyond the records of ot former years and to participate In the active build build- In lug Inc program being forced on these communIties communities com corn by a very material Increase In Inthe inthe the number of at Us its construction loans Of Ot the tha It has underwritten on the Pacific coast approximately I one half was loaned loaded In 1923 1123 Of the ninety-eight ninety bond issues underwritten by this house last year in the tho United States and Canada sixteen were for tor Pacific Pa Pa- coast buildings The Tha record for 1 1924 It is expected will bo be very much I greater and In keeping both with a relativelY relatively rel ret greater activity and a 11 greater volume of building In these Western states a ahl I a I BUILDING RECORD AND POPULATION GROWTH TABLE TADIE This shows show for tor fifteen of ot the tha larger cities of ot the seven n Pacific coast states an analysis of ot building g permits Issued and growth groth in population during tho the four years from January 1 1920 to January 1 I 1924 and today's basis ls of ot rent schedules in relation to those of at 1920 Building permit figures are ara those thosa officially reported by building Inspectors Population figures of ot 1920 are aro tho those thoe e of ot the United States census Today's Toda's estimates of at population are the most re- re ale Ilala obtainable from official sources in each lach city Estimates of ot today's rental rental rent rent- al at schedules given in percentages of ot schedules of ot 1920 are ara those reported by realty boards and experienced r realtors The average cod cost of at building permits indicates the relative general character of or new construction types The average average average aver aver- age Investment for tor each newcomer during durin this four tour years yeara period indicates the extent to which each city's building building- program has bs been keeping pace with growth in population c 9 Build Permits Permit II ti Average tc rr four our years Tearl Population I a tI on g 4 g 4 4 4 p S' S p 11 to ra t nf C a o if s j 1 I t ri H 4 a I. I i iLos Los LOll Ange s 75 11 1091 an Frap o 36 In Portland Uon 36 35 1465 an Seattle eattle 35 15 1668 1656 Oakland 29 2443 1214 Salt Lake 6 2500 10 Long Deac Beach 1001 lOG Tacoma Tacoma- 28 1119 Spokane I 1 13 1130 1 Sacramento ni INg n un 46 U 2657 ur Hi 95 San Diego le l 24 2130 90 Fresno s g g n g 66 i 2561 l g Berkeley 32 2672 2572 1116 Phoenix 29 59 2019 1149 Tucson 2451 55 41 90 Totals |