Ramat Gan Mayor Warns Price Drop Threatens Urban Renewal Projects
Ramat Gan Mayor Carmel Shama-Hacohen warned that a 5-10% drop in housing prices could halt 90% of urban renewal projects, calling for flexible planning and technological adaptation.
Ramat Gan Mayor Carmel Shama-Hacohen warned at the "True Real Estate" conference of the Tel Aviv and Center Contractors Association in Eilat that a further 5-10% decline in apartment prices could jeopardize 90% of urban renewal projects.
Shama-Hacohen criticized rigid planning assumptions, noting that current frameworks rely on a constantly rising market without accounting for downturns. To address this, he called for a national master plan allowing the addition of housing units to already approved projects based on changing market conditions.
Addressing eastern Ramat Gan's development, the mayor highlighted severe transportation challenges across the Dan Public Transportation region, warning that metro and light rail solutions will take years. He also stressed that future urban planning must integrate artificial intelligence, autonomous vehicles, and drone technologies.
"People will not invest in owning, washing, and maintaining cars just to sit in traffic," Shama-Hacohen stated, adding that Ramat Gan municipal authorities are already consulting external experts to adapt future infrastructure.
