The New York Times (New York, New York) 10 December 1922 Page 153

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The New York Times
(New York, New York)
10 December 1922  Page 153 - What The Dreamers,, Have Done for the...
What The Dreamers,, Have Done for the Rent-Payers Rent-Payers Rent-Payers of New York TT was prior to ,907 that nine artists whom New York more or less good naturedly designated designated "The Dreamers," evolved the germ of the idea which since has solved not only' the problem problem of living in New York, but which also has revolutionized the architecture and building of apartment houses and which, now, promises to revolutionize the uneconomic system of renting renting apartments, substituting therefor the economic economic mutual ownership plan. The nine "Dreamers" were: Henry W. Ranger; Charles Naegle; Louis Paul Dessar, Robert V. V. Sewell; Frank V. Du Mond: Childe Hassam; Jules Turcas; Allan Talcott and your humble servant. The co-ownership co-ownership co-ownership ol apartment idea, for which these "Dreamers" were the sponsors, had been evolved several years before in the mindjDfthe writer, who for years had been trying to perfect a plan by means of which it would be possible to avoid the payment of rent, year after year, and in the end to own nothing. From this small beginning grew the big idea behind the improvement of W. 67th St., between Central Park West and Columbus Ave., with cooperatively' cooperatively' owned studio buildings and apartment houses of the highest grade, and in which apartments apartments now command substantial premiums:. By this time, some of the most prominent financiers, members of the bar, insurance men, architects, pub!ishers and other 100 business men were buying cooperative epartments. The cooperative idea was no longer a "dream", but a decided success! In every one of these first cooperative buildings, the owners have either lived in their apartments or rented them, meantime getting their money back about three times, while the stock in these first buildings is worth today at least double wnat the original cooperative owners pajd for it. It then dawned upon me that when one lives in New York for seven years, one has paid in full for the space he occupies, but has no representation representation in the property itself other than a collection of rent receipts. I then began to 'figure the immense amount of money wasted by those who pay rent for twenty or thirty years. Add interest to this amount and the average family would find the total to be a liberal annuity. I have now reached the point where I am about prepared to launch the "rent mutualization" idea, which will give rent receipts a cumulative money value. , prophesy that rent paying shall become a sat ing institution, just as life insurance has become, become, in nhich that portion of the rent 'which amortizes the equity shall enrich the man nt ho pays it, instead of adding to the affluence of the landlord. Jttft as life insurance enriched the owners of life insurance stock, before the evolution of life in surance mutualized its benefits, so shall th benefits of rent paying be muiualized. he It is true, of course, that one must have the necessary capital in order to buy and own space in a cooperatively owned apartment building. But no great movement, such as I anvpredicting, can be accomplished all at once, and co-ownership co-ownership co-ownership co-ownership has been the logical sfep preparatory to the ' launching of the great principle of rent mutualization, mutualization, which is destined to be the rent-paying rent-paying rent-paying system of the future. j In my next advertisement, I shall tell the rent-paying rent-paying rent-paying majority of New Yorkers ,.ow mutual ownership of apartments will conrert rent waste into a tangible asset, and how this asset becomes , more valuable with the passing of time. J (Walter Russell)

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  1. The New York Times,
  2. 10 Dec 1922, Sun,
  3. Page 153

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  • The New York Times (New York, New York) 10 December 1922 Page 153

    TwilightClub – 15 Oct 2013

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