Word: costs
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Dates: during 1970-1979
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...fewer rental apartments are being built than in the mid-1970s. Rising costs of construction and of operating existing rental units have squeezed landlords. In Chicago, for instance, utility and fuel bills have been rising faster than the Consumer Price Index, while rents have lagged behind it. Says John Pfister, vice president of Chicago Title & Trust, a mortgage broker: "Most renters are getting a bargain. It is the landlords who are behind the eightball." The owner of an apartment building who converts it to a condominium or cooperative can reap a profit of 20%-and often much more...
Buying one's own apartment is still largely an upper-income phenomenon, since the mortgage and maintenance can cost as much as 50% more than renting the same space. Developers commonly claim that most of the rental tenants elect to buy their apartments rather than move. But, says Gary Lowe, a leader of a consumer group called CHAIN (for California Housing, Action and Information Network), "Certainly in California, less than 5% of renters buy into a condominium. And no wonder. They can't afford...
Because customers buy the systems outright rather than leasing them, simple functions like moving phones and changing numbers can be performed easily by company employees at minimal cost. The systems also save money by automatically routing long-distance calls through the most cost-efficient trunk lines. Citicorp's 1,500-phone Danray system is expected to save $10 million over the next decade. Another major multinational firm installed a 2,500-phone system for $3 million and expects the savings to balance that cost in three years...
...records for the high hurdles five times, at distances between 50 yds. and 60 meters. His assault on the record book paused at the Millrose Games in Madison Square Garden when he could not resist proudly lifting his index finger at the tape. That gesture of triumph may have cost him another world record-he finished the 60 yds. in 6.89 sec., just .01 off his best time-but Renaldo Nehemiah has no regrets: "Up to this point, there were still a few doubts about my dominance. But now I know...
...Cost of the massive project: $750 million, to be shared almost equally by the state and federal governments. But California would buck its bill back to the farmers by charging them $15 per acre-foot of drainage water and $1.30 per acre-foot for incoming irrigation water. That, they fear, would drain them of cash. Says Cerutti: "It would ruin me." Adds Tulare County Farmer Stan Barnes: "It's the unknown, hidden costs that worry...