Word: levittowners
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...Levitt had plenty; he had bought Western timberlands and a mill to supply him. When nails were short, he set up his own nail-making plant, made enough to sell to outsiders. When Congress lifted a veterans' priority clause, Levitt announced that vets would still come first at Levittown, thus had a potent lobby to work for him whenever he ran up against local building restrictions or Washington bureaucrats...
Although he has a reputation as a know-it-all, he is quick to pick up good ideas. When a prospective buyer complained that he could get a four-burner stove that would take up no more room than the three-burner ones in Levittown houses, Levitt said: "You get it and I'll buy it." The buyer did, and Levitt canceled an order for 1,000 of the old stoves and paid $4.50 more apiece for the new ones...
...been hugely profitable. As president and co-owner (50%) of the $10.5 million Levitt & Sons, Inc., Bill pays himself $125,000 a year; Architect Alfred, who owns the other 50%, draws the same. Father Abe, who now spends his time landscaping, is paid $60,000 for being what some Levittowners call "vice president in charge of grass seed." From outside interests (e.g., the California timber stands and two country clubs which are operated in connection with the Levitts' more expensive Strathmore developments) the brothers get another $150,000 a year apiece. And when they sold 4,028 of Levittown...
...much the Levitts make on each house is a closely guarded secret. Most guesses put the net at more than $1,000 a house, or better than $5,500,000 on this year's Levittown houses. Says Bill: "I don't like to be associated with anything that doesn't make money...
...Long? By 1951 Levitt & Sons expect to build another 10,000 Levittown houses. But whether the Levitts, or all of the other builders, will build as many houses as they plan depends on how long the housing shortage-and the housing boom-lasts. Last week the Department of Commerce estimated that about two-thirds of the pent-up housing demand has already been filled. However, said the department, the "remaining backlog is still large and appears sufficient to warrant construction close to the recent yearly rates for [another] three years...