Labor Promises 200,000 New Homes in Next Five Years

A construction site of a new residential neighborhood in Kfar Yona. (Gili Yaari / Flash90)

The Labor Party has presented its plan for housing in a new government, which it intends to implement if it is included in the next government. The plan includes construction of 200,000 new homes, to be built by the state within the next five years. Of those homes, 70,000 will be for public housing.

Labor is one of many parties presenting plans to resolve the housing shortage, but the plan presented by Amir Peretz has a twist: Thousands of the apartments will be “leased” by the state to residents. Essentially, the apartments will be rented-to-own by eligible residents, enabling families to become homeowners without having to come up with a large down payment.

“Our plan will invest in families and young couples,” Peretz said at a press conference. “That investment will include 200,000 apartments to be built over five years. The apartments will be built by the state and leased to residents, in order to enable young people to benefit from low payments, even if they do not have a lot of money,” he added.