The "City Tax Fund," known in Israel as the "Arnona Fund," passed a vote in the Finance Committee on Monday evening and will now be sent to the Knesset for a second and third reading.
"This law is great news for the citizens of Israel. We deal with the cost of housing from the root, not band-aids. This fund will stimulate the construction of apartments, increase the supply and lower housing prices," Finance Minister Bezalel Smotrich commented.