[Video below.] At a seudah on Thursday marking the yahrtzeit of the Divrei Yoel of Satmar zt”l, Rav Aharon Teitelbaum of Satmar delivered an important address on the pressing issue of the housing crisis in Kiryas Yoel.
For years, the community has grappled with skyrocketing housing prices, fueled by investors and developers who have been inflating prices, making affordable housing increasingly scarce for local families.
In response to this growing concern, Rav Aharon announced the development of two major housing projects in Kiryas Yoel, each slated to include nearly 1,000 affordable apartments.
These developments are a critical step toward alleviating the housing shortage and providing relief to families struggling to find suitable accommodations within their means.
To ensure that these new housing units remain affordable, Rav Aharon outlined strict guidelines that will be enforced throughout the development process. Key among these is a cap on construction costs, with permits being granted only to developers who agree to charge no more than $300 per square foot. This measure is intended to keep the final sale prices of these units within reach for the average family in Kiryas Yoel.
Moreover, to prevent speculation and the hoarding of units by investors, Rav Aharon decreed that buyers will only be allowed to purchase a single home within these developments. This rule aims to curb the practice of buying multiple units for the purpose of renting them out at inflated prices, which has exacerbated the housing crisis in recent years.
Rav Aharon also addressed the concerns of current residents living in smaller affordable apartments who may wish to upgrade to a larger unit within the new developments. He emphasized that these residents would need to sell their existing apartments at the same $300 per square foot rate before purchasing a new unit. This policy ensures that affordable housing remains accessible and that the cycle of inflated prices is not perpetuated within the community.
These clear directives have been widely praised as a crucial step toward stabilizing the housing market in Kiryas Yoel.
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{Matzav.com}