BREAKING NEWS

Barkat unveils affordable housing initiative for Jerusalem

By JPOST.COM STAFF

JUNE 13, 2010 13:57

Jerusalem Mayor Nir Barkat on Sunday unveiled an initiative to make housing in the capital more affordable.

“Young people are the oxygen fueling the future of Jerusalem,” Barkat said. “I have no doubt that this revolution, together with the cultural, educational and financial reforms we set in motion, will play an important role in stopping negative immigration from the city.”

The plan stipulates that housing units be build and sold for a price 20 percent lower than their value on the market, over a period of several years and provided that at least one of the parties purchasing the apartments is under the age of 41 and employed. The initiative is expected to reduce the price of apartments by about NIS 200,000-300,000.

If approved, the initiative will be carried out in all neighborhoods of the city, and will also regulate rent rates to a certain extent.

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