Spencer Heath Archive

Item 1348

Carbon of a letter from Heath at Woodstock Hotel, 217 West 43rd Street, New York City to Charles P. Noyes, 225 Broadway, New York City

February 8, 1941

Dear Sir:

For some years I have been carrying on an investi­gation of community values and how they rise and decline. In this I have had the aid of my valued friend, Dr. Richard T. Ely, and a few other specialists working in this field by whose assistance I have been able to go forward into an understanding of real estate as the fundamental community business performing primarily the function of distributing sites and resources and providing further facilities in the absence of which no other kind of business could ever be done. I have also discovered the utter dependence of real estate upon the recompense it receives, in rents and values, for the services it performs for its tenants and purchasers.

Real estate is in a critical condition. The efforts of yourself and associates to relieve it are to be com­mended; not alone in the interest of property and its ownership, but also for its ultimate benefit to the com­munity and to the nation as a whole.

Bad as the situation is, and important as relief and the defense against taxation now is, this is still not enough. If it arrests the fall of values, it is still helpless to create new ones. There are positive policies of service to tenants and purchasers, present and prospective, by which new values can be created and progressive prosperity assured. It is well to salvage present values, but better far to find a sound technique for creating new.

The National Association in Chicago has taken some interest in my studies and asked me to contribute to their Appraisal Journal. An article entitled, “Why Valuable Land Lies Idle” has been published in that journal and further contributions requested. An article entitled, “Why Land Value Should Not Be Taxed” has been under consideration with them for some time and a request for further contributions has again been received recently.

My friend, Mr. W. C. Pinkard, in Baltimore, accepts the idea that real estate interest can discover a great deal more about the fundamentals of its business than it now knows. At my suggestion, he is making arrangements for a conference between myself and some of his more enterprising associates for the discussion of ways and means for rehabilitating this class of property.

While I am here in New York to attend the One Hundred Thirty Fifth Dinner of The Economic Club of New York as the guest of my friend, Dr. Robert E. Ely, I would like to discuss some of these matters with you and, perhaps,

on a later occasion also with some of your forward minded associates. May I have the pleasure of speaking with you about this on Monday, Tuesday or Wednesday, of the coming week? This will afford me the opportunity of using the card of introduction to you which Mr. Lawrence B. Elliman very kindly handed me yesterday with his suggestion that you would be interested in what I have to present and propose.

In the meantime, that you may have some intimation in advance concerning my analysis of the real estate situation, I am enclosing a pamphlet entitled, “An Ex­planation of Private Property In Land,” and two other pamphlets entitled, “Real Estate — The Administration of Property as Community Services,” and “Real Estate — How To Raise and Restore Its Income and Value.”

Please communicate with me at this hotel, the Woodstock in Times Square next to the Town Hall, or in care of the Town Hall Club.

Anticipating much pleasure in your acquaintance, I am

Very truly yours,