Chareidi activists and public figures have begun to organize
for group purchase of apartments in secular neighborhoods in
Jerusalem.
The initiative follows the private purchase of apartments by
chareidi families — particularly young couples —
in Romema, Neveh Yaakov and Kiryat Yovel. The change in these
neighborhoods is already apparent, with dozens of families
building Torah homes. Vibrant communities are being built
with botei knesses, kollelim and soon talmudei
Torah and Bais Yaakov schools, be'ezras Hashem.
This development has been accompanied by a wave of demand to
purchase apartments in these areas. But this comes as a mixed
blessing. The high demand raises apartment prices, which had
been far less expensive than similar apartments in chareidi
neighborhoods.
Activists and public figures are now working to halt this
trend, primarily by placing ads in the chareidi press asking
potential buyers not to bid more than $108,000 for a three-
room apartment.
In the past, chareidi activists were successful in stopping
similar trends around the world such as in Boro Park,
chareidi neighborhoods in London and even in secular
neighborhoods adjacent to Bnei Brak.
After "discovering" the latent potential of residential
properties in secular neighborhoods various entrepreneurs,
including real-estate investors, also started trying to buy
up property and sell it to the chareidi public, artificially
jacking up prices by creating a false impression of rising
demand and decreasing supply.
A revolutionary plan is currently being formulated to stop
the price hike by having buyers unite and agree not to pay in
excess of the price level for apartments before chareidi
buyers began streaming into these areas.
Several projects are currently being assessed for the
purchase of entire buildings with dozens of units at
reasonable prices. The success of these projects depends on
organizing chareidi buyers to resist pressure applied by
private individuals and businessmen seeking to generate
profits at the expense of the chareidi public.
