Spencer Heath Archive

Item 928

Spring 1943?

Original -> 924

 

 

 

 

 

Editor, New York Times

 

Sir:

Apropos of inquiries in your columns why the municipal corporation of New York City

Apropos of the recurrent financial crises and present fiscal impasse of the municipal corporation of New York City, I request your attention to my suggestions of a plan or proceeding by which the corporation of New York City could in a short time become not only self-supporting but also pay every year excellent dividends to the owners of the corporation and retire all its debts.

Every business corporation merchandises its products or services or both. Community corporations, in general, do not sell products or properties but only services; they sell the use of community property, not property itself. A hotel or apartment corporation sells only the use of its property, not the property itself. It is the same with a municipal or any other community corporation.

When property is sold outright (unlimited use) the return is called the price. When a limited use is sold the return is called rent.

Whenever property is being sold or let the price or rent comes always to the hand of the owner or the owner’s agent.

The basic property of any public corporate community is its land