Satmar Rebbe Expands Efforts to Lower Housing Prices in Kiryas Yoel and Surrounding Areas
Kiryas Yoel, NY — In a continued effort to address the skyrocketing cost of housing, the Satmar Rebbe, Rav Aharon Teitelbaum, announced a new initiative to reduce apartment prices not only within the city of Kiryas Yoel, but also in the surrounding neighborhoods.
The announcement was made during a seudas bris held last Thursday for the Rebbe’s great-grandson, the son of his grandson Rav Chaim Tzvi Ashkenazi. Speaking at the celebration at the Rav Tov Satmar Beis Medrash in Kiryas Yoel, the Rebbe declared that homes built outside the formal city limits—referred to as geliliyos Kiryas Yoel—must now be sold at a maximum price of $250 per square meter, $50 less than the already-capped $300 per meter price for housing within the city itself.
This move is the latest in the Rebbe’s months-long campaign to restore affordability in the growing chassidic enclave. A year ago, he shocked the real estate world by announcing a halt to all building permits within Kiryas Yoel unless the homes would be sold for no more than $300 per square meter—well below the market rate, which had climbed as high as $600 per square meter at the time.
That landmark decision followed a sharp increase in property values in Kiryas Yoel over the past decade. Whereas a square meter of residential space cost approximately $180 just ten years ago, prices had nearly tripled, placing the dream of home ownership out of reach for many families.
In response, the Rebbe convened a special committee of city officials and askanim to explore legal avenues to stem the tide of real estate inflation. Leveraging municipal control over infrastructure approval, the community enacted a new law restricting building permits to developers committed to offering affordable pricing.
Since that regulation was implemented last year, more than 3,000 units have already entered the market under the $300/m² cap. However, because the rule applied only within official city boundaries, developers began flocking to adjacent lands beyond the jurisdiction of the new ordinance. There, high-end projects resumed, and prices continued to soar—prompting the Rebbe to act again.
At the bris, the Rebbe made clear that this loophole would not stand. He announced that in these outer areas as well, including the recently developed Or HaChaim neighborhood—where 1,000 new apartments are planned—homes must now be sold at no more than $250 per square meter.
He urged the public to stand united and not fall into the trap set by those who seek to exploit the housing crisis for profit. “Only through the strength of achdus,” the Rebbe said, “can we succeed in bringing down the prices.”
{Matzav.com}