Court urges bill aimed at reducing housing prices revised

The High Court of Justice recommends the government send a law that would impose a tax on Israelis who own three or more homes back to a Knesset committee for revision and another two votes.

Responding to a petition against the measure, the top court criticizes the expedited process of advancing the legislation in the Knesset, saying lawmakers were not given sufficient time to study the proposal. It suggests the proposal go back to the Knesset Finance Committee and face another two readings in the plenum.

The state has not yet responded to the court’s recommendation.

The brainchild of Finance Minister Moshe Kahlon, the proposal — which successfully cleared the Knesset in December as part of the two-year budget — has been touted as a way to drive down housing prices. According to the Finance Ministry, over 50,000 Israelis own three or more properties – a total of some 180,000 houses and apartments nationwide.

— Marissa Newman