Kim Hyun-mi: "Recent Jeonse Crisis Not Due to Lease 3 Laws"... "Various Measures Under Review"

Minister of Land, Infrastructure and Transport Kim Hyun-mi is responding at the plenary meeting of the Special Committee on Budget and Accounts held at the National Assembly in Yeouido, Seoul, on the 9th.
[Image source=Yonhap News]

[Asia Economy Reporter Chunhee Lee] "(The jeonse crisis) has multiple factors. It is difficult to say it is because of the 'right to request contract renewal' or the 'three lease laws'" (Kim Hyun-mi, Minister of Land, Infrastructure and Transport)

Minister Kim Hyun-mi of the Ministry of Land, Infrastructure and Transport appeared before the National Assembly Budget and Accounts Special Committee on the 9th and maintained her previous stance that the recent jeonse crisis is difficult to attribute to government policies.

In response to Rep. Yoo Sang-beom of the People Power Party's assertion that "the jeonse crisis is a phenomenon caused by the enforcement of the three lease laws," Minister Kim rebutted, "If the right to request contract renewal is exercised, the supply of jeonse decreases, but since those already living in existing houses continue to reside, demand also decreases simultaneously," arguing that it is not due to the three lease laws.

Minister Kim further stated, "It is difficult to say that the three lease laws are the cause of everything," adding that various causes are being reviewed and "corresponding measures will be announced as soon as they are ready."

Regarding the speculation that the expansion of jeonse rental housing by public institutions such as Korea Land and Housing Corporation (LH) and Seoul Housing and Communities Corporation (SH Corporation) is likely as a jeonse measure this week, Minister Kim avoided a direct answer, saying, "Various options are being reviewed," and that nothing has been finalized yet. However, she added, "Jeonse rental housing already has government budget allocated and LH has secured financial resources," emphasizing, "We are focusing on reviewing measures that do not take much time."

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