The Buget, income vs housing costs and tax laws - Comment - Israel News | Haaretz Daily Newspaper
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    • Ruth
    • 03.04.13 | 07:43 (IDT)

    Perhaps the finance minister sees 'Middle class' from a perspective of HIS salary - and effectively is saying "give them cake to eat". The Average, and Median Israeli would probably be happy with bread. Its about job creation, and closing the grand canyon gap between housing prices and income. Housing costs should make up about 30% of your monthly or annual income. But it was a run- away baloon or train because of a false ecconomy situation stimulated by a US dollar that came in as easy money without actually having a tangible export product. It caused 'apartment-team-buying', to show wealth on paper that didn't really exist. But it resulted in Mr. or Mrs. Israeli RESIDENT not being able to afford housing. There is no shortage. 30% apartments in Jerusalem stand empty most of the year. The solution, Income vs housing prices must be realistic. Taxation laws need to enforce this - people who own more than one home must be very hard hit with taxes. It will naturally deter hoarders and deflate the housing balloon. Income vs housing must be proportionate. So either income has to shoot up to make housing about 30% of your salary, or housing has to drop to become about 30% of existing salaries. Its a mathematical certainty...or else it flounder.

    from the article: Experts: Lapid’s 'Mrs. Cohen’ isn’t middle class
    First published 03:13 03.04.13 | Last updated 03:13 03.04.13
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