Israel: New plan to add 40,000 rental apartments by 2030

Tel Aviv [Israel], July 9 (ANI/TPS): Israel Ministry of Construction and Housing is promoting a new government plan to regulate the rental market in Israel with, for the first time, a large-scale strategic plan in the industry that currently serves about a third of the public in Israel -- about 2 million renters -- with an estimated financial volume of about 46 billion Shekels (USD 13.7 billion) per year, with the goal of building 40,000 new rental units by 2030.
Israel does not have privately owned all-rental apartment buildings as there are in many other countries such as the US.
Among the plan recommendations: Establishing a professional unit in the Ministry of Construction and Housing to manage the rental market and lead an overall policy.
Expanding the powers and scope of activity of the Apartment for Rent company, which is currently promoting approximately 17,300 units under construction.
Promoting incentives such as tax breaks, land discounts, and regulatory benefits to encourage renting.
Developing supervision and enforcement mechanisms, while examining innovative solutions: cooperative housing, designated rental complexes, and small apartments with common areas. (ANI/TPS)

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