JERUSALEM, ISRAEL, March 8, 2011 (KATAKAMI.COM) — Israeli Prime Minister Benjamin Netanyahu will submit for Cabinet approval an emergency plan to accelerate residential construction. The goal is to significantly increase the supply of residential construction and halt the rise in housing prices, as announced by the Prime Minister’s Office on Monday (7/3/2011).
In order to expedite construction procedures, national housing commissions will be created, the goal of which will be to bypass the bureaucracy of the planning committees and advance projects quickly. This will be for 18 months.
Construction projects currently in the approval process will be specially marked as “plans for accelerated construction.” A list of approximately 50,000 residential units will be renewed on an ongoing basis. When one plan leaves the list, due to its being approved, frozen or cancelled, another plan will be added in its place. The projects list will be determined by the Government according to criteria that will be set in advance by the Housing and Construction Ministry and the Israel Land Administration.
The rise in housing prices over the last two years is the result of a shortage in supply and in the marketing of land designated for residential construction, as a result of lengthy bureaucratic procedures. The new plan, along with the reforms in the ILA, are designed to deal with the housing shortage and lead to the construction of thousands of residential units throughout the country.
Prime Minister Netanyahu said that the best answer to the housing shortage is a new plan that would facilitate the construction of thousands of residential units in 18 months. ”We must break the cycle in which apartments become more expensive and provide a quick and immediate solution for young couples and young families, and the distress that this causes them.
The reform will lead to a drastic change and move Israel forward, which lags after other countries in this area. This will be a Super-Tanker to the bureaucracy,” the Prime Minister said. (*)
Source : PMO