Subsidized Housing Programs Cost Israel Billions in Lost Revenue
Israel's state coffers have lost over 27 billion shekels since 2022 due to subsidized housing programs, according to the Ministry of Finance's chief auditor, Michal Abadi-Bojno. When factoring in earlier initiatives and direct subsidies, the total financial shortfall approaches 40 billion shekels. The report also revealed that some subsidized apartments were acquired by individuals not eligible for the program and subsequently resold for profit. Furthermore, construction delays, often linked to permitting and project initiation, have extended waiting times for these homes to seven years or more.
The "Price for New Homeowner" initiative, launched in 2017 and continued under various names, aims to reduce housing costs by foregoing land revenue and providing budget subsidies. The core mechanism remains the same: lowering the final price of apartments through government support.
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