Israel Studies New Model to Accelerate Reconstruction of Buildings Damaged by Iranian Missiles

SadaNews Economy translation - The Israeli occupation government is considering a new model that involves Israel purchasing the lands on which residential buildings were destroyed from the tenants, instead of granting them compensation for the damages caused by Iranian missiles. This plan comes as a joint initiative between the Israeli Ministry of Finance and the Israel Lands Authority, as reported by the economic site Calcalist. According to the site: "The model consists of the (state) or the Israel Lands Authority purchasing the destroyed apartments at a price that includes their market value and the potential for urban development of the site, along with additional financial incentives of up to 25% of the value. This funding will enable tenants to purchase new apartments without waiting for many years, and will provide the state with residential complexes free of occupants that can be quickly planned for reconstruction." The Israeli Ministry of Finance aims to build three times the number of previous apartments to increase real estate supply and raise land value. To expedite the procedures, additional planning authorities will be granted to the municipality, similar to the powers of local planning and building committees, as translated by SadaNews. However, the plan faces opposition from the Israeli Ministry of Finance regarding the involvement of a government development company like RMI, due to previous disputes with its director. The ministry proposes an alternative whereby the municipality would carry out the project itself by tendering it to construction companies, thereby keeping the profits within the municipality. The costs of purchasing rights for approximately 350 evacuated tenants are estimated at about one billion shekels. Bat Yam is considered the largest demolition area in Israel's history, with 120 buildings damaged over an area of 160 dunams, and around 700 families evacuated from there. Estimates indicate that about 400 apartments need to be fully evacuated and rebuilt, procedures that could take years under normal circumstances. According to Calcalist: "The Israeli government hopes that the financial incentives and quick guarantees will encourage most tenants to join the voluntary model. Although the plan does not impose mandatory evacuation, a lack of broad consensus may mean the plan is implemented only partially in parts of the complex."