a major effect on the country's downtown area. Downtown was just coming off a major building boom, in which significant amounts of new commercial and office space, hotels, and department stores had been built. By 1931 there were 89 buildings of 30 stories or more in Manhattan, and between 1925 and 1931, office space nearly doubled; in Chicago, it increased by almost 75%, in Philadelphia by almost two-thirds, and by more than 50% in New Orleans and Denver. In the 1920s, 500,000 additional hotel rooms were built in New York, and from 1927 to 1931 there were 84 large hotels built there, an increase of hotel space by two-thirds. When the boom was over, and the Depression had begun to have its effect, much of this new space became unneeded excess. Owners of smaller buildings who could not keep a sufficient number of tenants to pay their overhead, tore down their buildings, but whereas in the recent past they would have been replaced with taller buildings, now they became one- and two-story parking garages or ground-level parking lots. These were widely known as "taxpayers", as they generated enough revenue for the owner of the lot to pay the taxes on it. Rents fell, sometimes as much as 30%, and non-payment of rent increased. Even with the "taxpayers" taking away commercial space, vacancy rates rose precipitously. Owners went into default, and downtown real estate lost considerable value: 25–30% in the Chicago Loop – although values in other parts of the city, including the outlying business districts, fared even worse. Department stores were hit hard; most managed to keep their doors open, but few made money. Hotels which needed to have large staffs, and required high occupancy rates to make a profit were also deeply affected; in Manhattan the hotel occupancy rate fell from 1929's 70% to around 50% in 1933. Room rates were slashed, revenue dropped, and many hotels closed or defaulted. By 1934, 80% of hotels in Manhattan were owned by their creditors. Recovery The slow recovery from the effects of the Great Depression began in the mid-1930s, decelerated at the end of the 1930s, and picked up speed with the start of World War II, so that by the early 1940s the country was for the most part out of the Depression. Excess commercial space began to be used, vacancy rates dropped, department store sales rose, hotel occupancy rates