Governor of the Bank of Israel Prof. Stanley Fischer supports Prime Minister Benjamin Netanyahu's affordable housing plan for students and people eligible for Ministry of Housing and Construction benefits.
The Bank of Israel said that, after examining the plan, Fischer believes that if the proposed measure are implemented, they should help achieve the objective.
The Bank of Israel stated, "A long-term solution to the problem of home prices must focus on increasing the supply of homes. The Governor favorably notes the fact that the measures are in moderation and focused on increasing the housing supply.
"The Governor also noted the 11% increase in housing starts in the past year, which have gradually increased the number of housing completions. Over time, this should increase the housing supply, and ease home prices and rents.
"The Governor emphasizes the importance of implementing the measures announced today by the prime minister. The Governor also notes the importance of completing the reforms and legislative amendments that the government is promoting on the national housing commissions and Israel Land Administration reform, because these measures will substantially shorten the time from deciding to market land until the completion of construction."
Published by Globes [online], Israel business news - www.globes-online.com - on July 26, 2011
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