The reforms are designed to reduce bureaucratic impediments for homeowners who wish to enlarge their homes and the involvement of the Government in the real estate market, and enable the ILA to focus on developing and marketing state lands, as opposed to dealing with leased residential units.
The reforms are due to create a greater supply of residential units, encourage better construction in developed areas, and provide housing solutions for young couples and discharged soldiers. Housing prices are expected to decline as a result of the increased supply.
The reforms constitute a significant growth engine for the economy due to the expected increase in construction starts. In the framework of the reforms, hundreds of thousands of families will receive genuine title to their apartments. Letters will soon be sent to 40,000 families, in which the ILA will inform homeowners regarding the transfer of title and what the reforms mean for their assets. Additional letters will be sent to hundreds of thousands of homeowners around the country in the near future.
The beginning of the implementation of the reforms will be accompanied by a television and radio advertising campaign.
The ILA reforms are an important component in the group of reforms – along with the reform of the planning and building committees and the reforms regarding highway and rail infrastructures – that Prime Minister Netanyahu intends to lead.