The plan aims to deal with the continuing surge in housing prices in Israel, by increasing supply.
According to recent data from Israel's Central Bureau of Statistics, home prices in Israel rose by 1.2 percent in July-August, compared with June-July, thus completing an annual increase of 9.2 percent compared to July-August last year.
The plan consists of government targets for planning and construction, as well as budgets and reforms to streamline and remove barriers in the housing market.
It includes the planning and construction of over a million apartments, through the planning and tenders.
The plan also includes investments of more than 16 billion shekels (about 5 billion U.S. dollars) in housing-supporting infrastructure, such as transportation, drainage and sewerage systems, kindergartens, schools and more.
The plan will also promote the acceleration of urban renewal, with the evacuation and demolition of old buildings, replacing them with new ones.
It will also encourage the conversion of offices into apartments.
In addition, licensing procedures for construction will be streamlined, and purchase tax will be raised to reduce the number of apartments bought by investors.
It will also be permitted to split apartments without planning procedures.
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