‘Answer to OECD report is rezoning’

February 2, 2016 14:12

Peri says zoning of private land in central Israel can create supply of over 200,000 apartments.

Construction (illustrative).

Construction (illustrative).. (photo credit: REUTERS)

Eldad Peri, real estate lawyer and CEO of the Eldad Peri group, said the OECD report on Israel released Sunday relates only some of the factors causing extremely high housing costs.

“I am not surprised by the findings in the OECD report,” he said Monday.

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“The country’s expenditure on security is not going to decrease, and as the centralized and inefficient banking system is not going to change in the next few years either, the real solution to the high costs of housing is still related, as before, to the question of supply. Only massive zoning of private land in the central part of Israel, performed by designated emergency committees, can create a supply of over 200,000 apartments in central cities including Kfar Saba, Rehovot, Petah Tikva, Rishon Lezion and Ness Ziona. This kind of solution can, at the very least, halt the existing price escalation, and it would probably even lead to a decline in housing costs.”

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