Word: low-rent
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...deep-rooted that to solve them the nation must use all its resources, prominently including those of business. Still, businessmen are troubled about the justice of committing stockholders' money to projects that promise little or no earnings. Chrysler's real estate subsidiary, for example, has been reluctant to build low-rent ghetto housing because Chairman Lynn Townsend, who has been socially active in other areas, cannot yet foresee even a minimum profit in it. There are legitimate questions, too, of how much a company can bend its quality control standards in order to hire and keep poorly educated workers...
...Administration could also tell some of its zealous regulators of business not to use?or misuse?antitrust laws and other regulations to block social action. Last month the Securities and Exchange Commission ordered Michigan Consolidated Gas to abandon its housing projects. A subsidiary had built low-rent town houses in the Detroit ghetto and downtown apartments for the elderly and planned three more projects in other Michigan cities. The SEC acknowledged the "meritorious" nature of the program, but contended that it was the sort of outside activity forbidden by the Public Utility Holding Company Act. The Detroit News acidly pointed...
Construction of low-rent public housing is scheduled to rise 43% this year to an alltime high of 117,000 units. More than that, HUD plans a fourteenfold increase, from 8,700 to 119,000 units, in the number of individual homes built for sale to low-and moderate-income families who will pay interest rates as low as 1% on the mortgage. The Government pays the interest in excess...
Even in the Deep South, blacks are uniting on the local level to assert their economic strength against the white-dominated status quo. In central Mississippi, for example, some 400 blacks have joined the Simpson County Civic League to operate a low-rent housing project, purchase fertilizer in mass amounts to reduce operating costs for about 100 black farmers, and open a cooperative grocery store to lower prices...
make 40 per cent of a planned 250-unit middle-income housing project at Cambridge Highlands available at low-income rents (Harvard has already promised that 20 per cent will be low-rent...