Show I fRA 1 liVE PL PLAN PLANG G fr HOUSING IS SUCCESS York vork ork Finds Solution e Home Shortage 1 Problem By Hv C. C n. n WHITE WAIT et etor r- r Bureau Dureau of tool Cooperative ME Association pORK YORK CITY O Oct Get t. t An H.-An 14 An ef- ef w way y to meet the thc housing crisis cooperative housing The tide tt ownership o ot of apartments York ork is not an experiment It d dS being carried on with great I i iQ several parts of ot the city e e not realized that while theus theus the us are clamoring for state and andl andi l i several groups have already the thee housing problem for them- them T ese groups have simply used rd cooperative law of New Mew York and then have gone tad ind bought and operated their uch group croup in Brooklyn organ- organ e years ears ago bought lots and apartments which house thirty thirty- lilies Today those owner ten- ten repaying only 26 a a. month for modern room five-room apart- apart nd out of that t rent they are arc oft off what remains of their loans rate e of f 1000 OO a y year Similar I I Ii 1 i in the same a e ey neighborhood i ad at less than 70 a month IW HELP N m people hire their own Janitor ps the place spotless The ten- ten bo also own stock in the build build- nage the entire apartment on basis of or ono vot bote for The board of or directed direce e ted ed by these stockholders n through bonded officers all allan allan an sal lal and managerial opera opera- q erg group in Manhattan bought paying over mt and are now operating on plan lan features of any coop- coop pl plan n is that it is not operated at ate profit As soon as profit into an any cooperative it is no longer cooperative A tive enterprise is operated sole- sole he benefit of the Individual coIg coig co- co Ig members It is for this rest reat rea- rea t t Is necessary to warn the this time of many fake coop- coop emes which are being adas ad- ad as truly cooperative In the ther r ot of these plans the promoter a 3 ator pI or is a heavy gainer and in lse he still owns a large share p nt with the expectation ng handsome handsom profit out of the ion 1 on In other cases the tenant ar arg are organized under ender the regu- regu orations law and expect to profit off ocr other tenants to tomay he hey may sublet None of these thesel l July uly cooperative RATIO R. CONTROL er essential characteristic of ofU U is democratic control This control by bv persons and not b by lIsuch Such control is essential f in tive tIie housing because the ten- ten 0 Q blunder under the regulations regulations' of the ment meat as well as invest their feature has likewise been rely jey lY out of in many so- so cooperative schemes Tenants Invested without even en how much control they were to the Ithe management manag-ement of their own L this matter is carefully many cooperative scheme sart sare bound to fail fait Th The met me way to secure this control corporate under the New York operative law This law re- re hat each stockholder have one oner r of the amount of e holds No Ko man under this t heavily in stock and gain g in n control over all the oth other r t gird lr place if tf an any profits or orIs oris Is r re declared in in a cooperative cooperatives s soft they are based on the theof theof theof of which a member with the corporation and not amount of stock he owns The hc get over 6 per cent divi- divi AU above e that In the case case of a aE E operation Is paid back to the according to the amount of ot itch they pa pay The guarantee r recent cent ent brings out the capital ry Tho l' l payment of dividends I other hand n makes nets every e renter renters fe I interested in seeing that theY the Y k pt at the minimum and amI in- in unnecessary necessary expenses ar are lil law si a part of the law of the state York Kork It protects the investor as the cooperating member law Jaw requires that it payments have been met on ons s depreciation and not to exier ex- ex ier iet shall be e paid upon the neEs It further re- re hat out of ot the net earnings not nota a 10 per cent shall be set aside Y Y- Ys s a reserve fund until this tall equal 30 per cent of or the stock tM L. LAM LA W. W York City the conditions for formation formation mation matlon o ot of cooperative housing are ideal Jn In the first must exist The calling session of the legislature as to this need In the tho place the tho people must under- under th principles of democratic ment font and must possess the tho olgo ahead This I Is one of or the pasts of or New York In the third h rA must be groups living together and with many things 1011 to tate bureau of cooperative as- as n at al Albany Alban is ready at all advise on ort tho organization of or associations Through Mr PJ or of Its ita New York City f V st Broadway assistance n of charge to any in in- n l organization atlon o desiring to InBinder In- In Binder uder the state stale cooperative 1 i |