Sunday, June 15, 2008

High Jerusalem Real Estate Prices, A Possible Solution

I have heard more than a few Israelis complain of skyrocketing real estate prices in Jerusalem. Many people buy apartments to live in during vacations, leaving them empty the rest of the year. Others buy residential property as a business transaction, renting it out to others.
It would be logical to tax those who live year round in Jerusalem at a lower rate than those who are not year round residents. Those who live in the city year round pump money into the city economy. This deserves recognition. Those who are vacationers or investors should care about the welfare of those who live year round in the city. Money collected from people whose property is taxed at a higher rate could be used to develop and subsidise homes for first time buyers.
Tourist dollars are important to the Israeli economy, but so too is the year round well being of Israeli workers. There are many peoplewho would be happy to drive Jews from the Holy City. We should not inadvertently be among them. Sphere: Related Content

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