[2020 National Audit] Land, Infrastructure and Transport Committee Criticizes LH Public Housing and Residential Welfare Policies

[Asia Economy Reporter Yoo In-ho] At the National Assembly Land, Infrastructure and Transport Committee's audit of Korea Land and Housing Corporation (LH) on the 8th, public housing and residential welfare real estate policies came under scrutiny.

Sim Sang-jung, a lawmaker from the Justice Party, pointed out problems in LH's residential welfare policies. Lawmaker Sim said, "LH focuses on state-led real estate development while residential welfare is neglected," and criticized, "The role of LH needs to be comprehensively readjusted."

Sim questioned, "The government announced it would open an era of 2 million long-term public rental housing units by 2022 and claims to have supplied 1.36 million units so far, but the statistics are inflated. They include 10-year long-term rentals and jeonse (key money deposit) rentals to claim 1.3 million long-term public rental units, but in reality, there are only 850,000 units. They need to build 1.1 million more units, is that feasible?"

In response, LH President Byun Chang-hee said, "We have tried to supply more long-term rental housing than any other government," and added, "I understand that the Ministry of Land, Infrastructure and Transport is setting the direction to exclude non-long-term rentals from the statistics."

Opposition lawmakers also intensified their attacks on the Moon Jae-in administration's real estate policies.

Kim Hee-guk of the People Power Party criticized, "According to reports, this year the apartment price in Seoul is 1.03 billion won, a 64% increase or about 400 million won compared to 2017. However, the responsible minister is stubbornly lying, claiming it only rose 14%."

Song Seok-jun from the same party raised his voice to President Byun, asking, "Did you properly read public sentiment during Chuseok?" and said, "Ordinary people are suffering due to unprecedented housing price surges and the disappearance of jeonse."

Lee Jong-bae, also from the same party, pointed out, "According to opinion polls, the most inadequate policy of the Moon Jae-in administration was the real estate policy."

On the ruling party side, So Byung-hoon of the Democratic Party attributed the recent real estate problems to the previous government. Lawmaker So said, "The responsibility for the recent average apartment price in Seoul exceeding 1 billion won lies with LH, which stopped designating large-scale public land and sold 7.5 million pyeong of public land during the Park Geun-hye administration's 9.1 measures," and urged President Byun, "Do not sell the public land developed as the 3rd new town to private construction companies; develop it directly."

This content was produced with the assistance of AI translation services.