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1913. 1914 1915 1916 1917 1918 1919 1920. 1921. 1922. 1923. 1924. 1925. 1926. 1927. 1928 1929 1930 1931 1932. 1933. 1934. 1935. 1936 1937 1938 1939 1940 1941. 1942. 1943. 1944. 1945. 1946. 1947 1948 1949 1950. 1951 1952 1953. 1954 1955. 1956. 1957 1958. 1959. 1960 1961. 1962 1963 1964. 1965. 1966 1967 1968. 1969.

421, 000 $2,625 264, 000
421, 000 2,575 263, 000
433, 000

2, 750 262, 000
437, 000 2, 875 267, 000
240, 000 3, 200 166, 000
118,000 3, 325 91, 000
315, 000

4,000 239,000 247, 000 4, 325

202, 000 449, 000 3,959 316, 000 716, 000 4, 125 437, 000 871, 000 4, 325 513, 000 893, 000 4,550 534, 000 938, 000 4, 775 573, 000 849, 000

4,850 491, 000 810, 000 4, 825

454,000 753, 000

4, 800

436, 000 509,000

4, 825

316, 000 330, 000 4, 525 227,000 254,000 4, 350

187, 000
134,000 3,050

118,000
93,000
3,075

76,000
126, 000

2,925 109,000 216,000 3,400 182, 000 304,000 3, 925 238, 000 332, 000 4,100 266, 000 399, 000 3, 900 316,000 458, 000 3,850

373, 000 530, 000 3, 925 448,000 620, 000 4, 075 533, 000 301, 000 3, 775 252,000 184,000 3,600

136, 000 139,000

3, 475

115,000 325,000

4, 625
1,015, 000 5,600
1, 265,000 6,650
1, 344,000 7, 700
1, 430, 900 7, 450
1,908, 000

8,450
1, 420,000 9,000
1, 446, 000 9, 075
1, 402, 000 9,525
1, 432,000 10, 250
1,627,000 10,950
1, 325, 900 11,725
1, 175,000 12, 225
1,314,000 11,975
1,495,000 12,400 1, 212,000
1,230,000 12, 675 973, 000
1, 285, 000 12,550 946, 900
1, 439,000 12, 550 968,000
1,582, 000 12,625 993, 000
1, 502, 900 13, 100 944, 000
1, 451, 000 13, 650 941, 000
1, 142,000 14, 250 755, 000
1, 268, 900 14,500 821,000
1, 484, 900 15, 025

875, 000

5.50
5. 58
5.60
5.50
5.47
5.55
5.65
5. 75
5.97
5.95
5.91
5. 92
5.90
5.89
5.88
5. 85
5.92
5.95
5. 75
5.77
5.60
5.45
5.26
5.09
5.11
5. 00
5. 05
5. 03
4.90
4.98
4.77
4.71 .
4.70
4. 74
4.80
4.91
4.93
4.95
4.93
5.00
5.07

5.89
5.90
5.92
5.90
5. 86
5.90
5.97
6.00
6.18
6.09
6. 03
6. 03
6. 02
6. 02
6. 02
6.00
6. 03
6.04
6. 03
6. 02
6.00
5.78
5.78
5. 75
5. 70
5.50
5.46
5. 29
5.16
5.15
5.21
5.16
5. 15
5.00
5.01
5.13
5. 01
4.96
5. 05
5. 26
5.28

$4, 075
4, 250
3, 900
3, 675
3,450

4.31

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4.35 4.09 4.31 4.30 4.74 4.56 4.64 4.81 5.38 5.35 5.75 6.19 5.72 5. 59 5.45 5.45 5.44 6.45 6.44 7.52 8.35

1 Gross yield to investors, without allowance for servicing costs, based on prepayment of the mortgage at the end of 15 years.

2 Not available.

Sources: Starts and construction costs from U.S. Department of Commerce, Bureau of the Census. Average interest rates for Manhattan and St. Louis from Real Estate Analyst, published by Roy Wenzlick Research Corp., St. Louis, Mo., various issues. Single family mortgages insured by FHA under sec. 203 from FHA, Division of Research and Statistics; rate given is for July i.

werage yield

OASIS zamily ha

mortgages insured

FHALE percent)

Chairman BOLLING. Gentlemen, we thank you for your contribution. I would like to assure Mr. Brown that when I chair a subcommittee, there is no terminal facility at all. We continue until the witnesses risé and say they have to take a plane. This line of questioning, I think, is very useful. That is actually the reason this subcommittee exists, to get away from the standard-brand approach to the problem of urban affairs, which I do not even believe is an adequate title. I think they are national problems, not simply "urban."

We started out the processes of this subcommittee 2 years ago by bringing in an anthropologist to discuss his ideas, which we knew about, as to differences in use of space and the difference in the way people of different cultures communicate with each other. I cite that only as an illustration of the kind of approach that I am personally interested in. I left the House Banking Committee in 1955 on purpose, because I thought it was headed down a blind alley of specialization in the approach to urban problems. Far from fearing that the answer lies in the vast increase of the amount of public housing, I am convinced that the answer lies in a much more complicated, subtle, and interesting kind of approach to the problem of housing which 'I do not think we have even come close to approaching yet. I am sure that you, as well as I and others, will be watching with interest this umpteenth in the finely titled Operation Breakthrough that you have seen in the time I have been here. I am hopeful that this one will succeed, because I think—as I know the gentleman from Ohio does that, solving the problem is a good deal more important than whose Presidential administration solves it.

So we are grateful to you both. I think that the gentleman from Ohio can take reassurance from the fact that I had something to do with who the two witnesses are. One comes from this administration and one comes from the private sector.

This subcommittee will stand recessed until Wednesday, July 23, when our witness will be Ezra Ehrenkrantz, president, Buildings Systems Development, Inc., and associate professor of architecture, University of California, Berkeley, and Peter Terzick, general treasurer, United Brotherhood of Carpenters, AFL-CIO.

We will meet at 10 a.m. in the auditorium of the New Senate Office Building, room G-308.

(Whereupon, at 12:30 p.m. the subcommittee recessed to reconvene at 10 a.m. Wednesday, July 23, 1969.)

(The publications referred to on pp. 4 and 19 follow :)

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This preliminary presentation is the result of several months of discussion and consideration of housing needs and constraints. The program evolved from meetings with many interested groups and incorporates the ideas and work of many people. Although the program as presented is meant to be as complete as possible, it is intended that it will be further refined and expanded in the course of planned meetings with Governors, Mayors, state and local housing agencies, labor, consumer groups, potential developers and producers.

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