12 MONTH
CERTIFICATE

1STINCT

(..>9 / o

grams. Mr. Lipow emphasizes
that Israelis have to pay for their
share of taxes but in most cas-
es, speculative-investors are
beneficiaries of the subsidy pro-
grams.
According to Mr. Lipow, the
main beneficiaries of the subsidy
programs are Israelis who move
abroad. He says Israelis who
emigrate enjoy all the subsidy
benefits that accrue to real-es-
tate suppliers, implying that the
government housing policy en-
hances the economic attractive-
ness of emigration.
"(Emigrants) do not suffer
from any of the subsidies' nega-
tive consequences. They do not
have to pay high prices for the
housing services that they con-
sume, and they do not pay any
of the taxes required to finance
these programs," Mr. Lipow
says.

" Subsidies drive up
Israeli home prices.

"Supply is determined by bu-
reaucracy, rather than by mar-
ket forces. As a result, Israel's
housing subsidy programs can-
not possibly benefit their recip-
ients. The subsidies do nothing
to relieve housing shortages.
The only effect of these policies
is to raise real-estate prices, en-
riching emigrants and foreign
investors at the expense of the
Israeli public. The result is a
needless burden on the nation's
economic development that ex-
acerbates poverty and social
cleavages, promotes emigration
and discourages immigration."
The analyst says a central el-
ement of any housing market re-
form should be the rapid
phase-out of all subsidy pro-
grams. He says high housing
N
costs in Israel are the result of
supply constraints resulting
from the Israel Lands Adminis-
tration control of 94 percent of
the country's land.
To solve the shortage, Mr.
Lipow proposes the government
implement "supply-side" mea-
• sures.
•
In Mr. Lipow's opinion, the
new Israeli government should
seriously consider privatizing
large tracts of government-con-
trolled land, particularly in the
central region where demand is
highest. In addition, the gov-
ernment should also remove
N policies that artificially inflate
• construction costs, such as lim-
its on the importation of cement
and the use of guest workers.
Lastly, the analyst recom-
mends modernizing the coun-
try's transportation network in
order to reduce interurban trav-
el times, thereby enhancing the
\_ attractiveness of currently un-
/-D derutilized real estate located in
peripheral areas. 0

0

/

5.25%
535'

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AUTOMOBILE BROKERS

CA/f W - C&S ED

purchase-lease-finance

INTEREST RATE

MOSS REEN

LICENSE # D0668

A.P.Y./*

TEL:(810) 539-8600

31807 MIDDLEBELT RD.,SUITE 103
FARMINGTON HILLS, MI 48334

By
Appointment

Your Home
or Office

60 MONTH
CERTIFICATE

—. — .
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—
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SU) ril .
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5.75%

INTEREST RATE

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5.870

h ir ts by

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•

A.P.Y./*

Custom
m Shirts & Accessories
At Discounted Prices

Mer:
Coordinator

Shirt Designer
For 20 Years

9€0-1235

'

These are fixed rate certificates of deposit that are insured by Federal Deposit
Insurance Corporation (FDIC). A minimum opening deposit and balance of $500.00
is required to obtain the stated Annual Percentage yield.

Municipal
Bonds Listing

aagsiver Bank

Receive Weekly Report

• ••
7 .

•

EQUAL HOUSING
OPPORTUNITY

••••••:.

;$4)205E,

• .1*••••,,- ,X:::

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..** Federally Insured 4',
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to Sto0,0:0 4'":,
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CALL (810)338-7700 or (810)352-7700 4 . *

Main Office 2600 Telegraph Rd. Bloomfield Hills, MI 48302

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`Annual percentage yield when compounded quarterly. Rate is accurate as of 7/5/96. Penalty for early withdrawal from certificate accounts may be assessed.

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