"90% of the projects will go down the drain": The warning of the mayor of Ramat Gan

The mayor of Ramat Gan, Carmel Shama Hacohen, warned at a real estate conference that a further 5-10% drop in apartment prices could cause 90% of urban renewal projects to go down the drain. He called for adding housing units to approved plans and adapting planning to future technological changes.

The mayor of Ramat Gan, Carmel Shama Hacohen, warned at a real estate conference of the Contractors and Builders Association in Eilat that a further 5-10% drop in apartment prices could cause 90% of urban renewal projects to go down the drain. Shama Hacohen criticized the assumption that the market always rises, and called for advancing a national city building plan that would allow adding housing units to approved plans according to changing market conditions. Referring to the development of neighborhoods in eastern Ramat Gan, he said the municipality is preparing in advance for residents' needs, but pointed to a transportation difficulty in the Gush Dan area. According to him, planning must take into account technological changes such as artificial intelligence, robotics, and autonomous cars, and the municipality is assisted by an external team to examine future adaptations.