13:03
Reported

News Brief

  8/8/2011, Av 8, 5771

Bill: Break Up Big Apartments to Ease Crunch


Chairman Yisrael Eichler of the United Torah Judaism faction has introduced a bill to break up big apartments in order to put more apartments on the rental market. Rabbi Eichler says passage of the bill would bring down prices until new rental apartments are built under government incentive programs. He introduced it before the Knesset started its summer recess so that it can be addressed immediately upon the start of the winter session.

Under the law, the breaking up of a big apartment will not require a building permit and not be subject to capital gains tax as long as the resulting apartment is rented and not sold.. Member of Knesset Eichler stressed that the proposal an emergency order, intended to last a few years, adding that the bill included conditions to prevent exploitation. The conditions include that the big apartment be more than 100 square meters in size, and that the small apartments, about 35 square meters, contain their own entrance, kitchen and bathroom.