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(A Simmons-Boardman Publication) Eastern Editorial Office church Street New York City 30 March 32 , 1939 Dear Mr* Eccles: I am enclosing an advance proof of the leading editorial which I have written for the April AMERICAN BUILDER , on "Public Subsidies and Private Housing/ which suggests this thought: If public subsidies mast be granted to housing, better results will be obtained by paying such subsidies to the "ill-housed one third" in such a way as to help private building and encourage private home ownership, rather than hurt private buildiiig and discourage home ownership in favor of rent ing. I have pointed out that the 5§- to 3f percent annual subsidy granted for 60 years to U. S, Housing Authority federally-financed projects, if made available to ill-housed personsf would enable them to buy and own a home of their own provided through the regular channels of private industry and finance. This editorial merely suggests a broad program, the details of which need clarification. But the basic idea is crystal clear: namely, that public subsidies ought to encourage rather than discourage private home ownership, and that under some such plan as is outlined, better housing at a lower cost both to owners and to the public could be achieved. I am confident it would greatly accelerate construction of better housing as it would enlist the support of hundreds of thousands of local building industry men who are now opposing public housing. -AMERICAN BUILDER plans to publicize this viewpoint extensively, and I would welcome your comments, suggestions or assistance. yours, JBM:cn j Sqfetern Editor enc. Mr. Mariner S # Eccles, Chairman Board of Governors Federal Reserve System Washington, District of Colxmbia This article is protected by copyright and has been removed. The citation for the original is: American Builder, “Public Subsidies and Private Housing,” April 1939.
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