Minister Kim Hyun-mi on Worsening Jeonse Crisis: "We Need to Take Time and Observe a Bit More"

Regarding the use of hotel rooms for the rental housing measures, "the evaluation is positive"

Minister of Land, Infrastructure and Transport Kim Hyun-mi (second from left) is attending the plenary meeting of the National Assembly's Legislation and Judiciary Committee on the 18th. (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Kim Hyunmi, Minister of Land, Infrastructure and Transport, recently commented on the spreading Jeonse housing shortage, saying, "I think we need to take some time and observe a little longer." Regarding the plan to convert hotels into Jeonse supply as part of the current Jeonse measures, she defended it as a "well-evaluated policy."

On the 18th, at the plenary meeting of the National Assembly's Legislation and Judiciary Committee, Kim responded to a question from Jeon Juhye of the People Power Party asking, "With the Jeonse shortage worsening, how much longer do you think the public should endure until the law is fully established?"

She said, "The law (the three lease laws) was passed at the end of July, and the exercise of the right to request contract renewal began in earnest from September, so I think we need to take some time and observe a little longer."

She added, "When the lease period was extended from one year to two years in 1989, there was about 4 to 5 months of market instability," and explained, "This time, the scope of institutional change is greater than then, so I have repeatedly said that we need to watch for now."

Minister Kim stated, "We will soon announce measures for the difficult Jeonse and monthly rent market," adding, "We will stabilize the market as quickly as possible."

Regarding the current Jeonse shortage situation, she expressed, "I feel sorry." However, about the inclusion of the plan to supply Jeonse units using hotel rooms in the current Jeonse measures, she said, "It is a policy currently underway," and added, "Hotels that are not operating are being remodeled into youth housing, and the response has been very positive."

She continued, "Soon, there will be an opportunity to announce well-established cases," emphasizing, "There are quite a few hotels where purchase intentions are being explored through the Korea Land and Housing Corporation (LH). Remodeling hotels in areas with good accessibility into housing for single-person households and supplying them as Jeonse or monthly rent has received quite favorable evaluations so far."

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