Israel Govt Plans Building Boom To Alleviate Housing Crisis
The government announced its ambitious housing plan for 2022-2025, aimed at rapidly increasing the supply of apartments in the hopes of reducing prices and combating Israel’s spiralling housing crisis. The plan put together by the Finance Ministry, Housing and Construction Ministry, and Interior
Published -
Nov 3, 2021 1:53 AM
The government announced its ambitious housing plan for 2022-2025, aimed at rapidly increasing the supply of apartments in the hopes of reducing prices and combating Israel’s spiralling housing crisis. The plan put together by the Finance Ministry, Housing and Construction Ministry, and Interior Ministry consists of setting a number of planning and development goals for the government, based on funding included in the national budget set to be approved by a November 14 deadline. A joint statement from the involved government ministries said the planned moves would shorten the bureaucratic process and overhaul Israel’s real estate landscape, “already lowering prices in the immediate time-frame.” The plan set a target of starting construction of 280,000 homes over the next four years significantly more than in recent years advancing plans for 500,000 more housing units, publishing tenders for 300,000 homes on state-owned land, and having 180,000 successful such tenders. Reforms to reach those goals include reducing bureaucracy in general, particularly for unique housing projects such as ones that aim to demolish old buildings to rebuild new ones in their place and projects that convert offices to residences.
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