Yeouido Yeon "To Solve Absolute Shortage of Rental Housing, Private Rentals Must Be Expanded"

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[Asia Economy Reporter Lee Ji-eun] The conservative think tank Yeouido Institute (Yeoyeon) stated that to resolve the absolute shortage of rental housing, private rentals must be drastically expanded.

Senior Fellow Lee Jong-in of Yeoyeon said in the report titled "The Necessity of Promoting Housing Policies Centered on the Guarantee of Housing Rights," written on the 10th, "It has been five years since the enactment of the 'Housing Basic Act,' which aims to stabilize citizens' housing and improve housing standards, but the harmony and linkage between housing policy and housing welfare are not smooth."

Senior Fellow Lee pointed out that although the 'Housing Basic Act,' enacted in 2015 under the leadership of the Saenuri Party, legislated basic policy matters for housing vulnerable groups such as ▲comprehensive housing plans ▲housing policy deliberation committees ▲minimum housing standards ▲guided housing standards, disharmony with existing housing policies and side effects during policy transitions still persist.

He also emphasized that the number of households below the 'minimum housing standards' specified in Article 17 of the Housing Basic Act and the Housing Act was still high at 1.06 million households as of last year. The proportion of households below the minimum housing standards has remained at 5-6% since 2014, with 5.3% in 2019. Although the government has raised the minimum housing standards, there are almost no sanctions against substandard housing, nor are there related enforcement provisions.

Senior Fellow Lee stressed, "To resolve the absolute shortage of rental housing, the participation of the private sector (corporate rental, individual rental, social rental) must be drastically expanded," adding, "It is necessary to actively develop means to enhance the purchasing power of housing consumers, such as the housing benefit (housing voucher) system already in operation." He also added that it is necessary to clearly set guided housing standards based on the Housing Basic Act and to realize the 'minimum housing standards,' which have been the benchmark for housing policies in advanced foreign countries.

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