Hong Ik-pyo: "Housing Supply Will Be Managed to Prevent Speculation in Urban Areas"

April 4 Party-Government Meeting on 'Metropolitan Area Housing Supply'
Hong Ik-pyo, Policy Committee Chair, "Will Carefully Manage to Prevent Short-Term Housing Price Increases"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Hong Ik-pyo, the Policy Committee Chairman of the Democratic Party, stated on the 4th regarding the "drastic real estate supply measures" prepared by the party and government, "We will carefully manage and monitor to ensure that speculation in urban areas does not lead to short-term housing price increases."

In his opening remarks at the 'Party-Government Meeting on Expanding Housing Supply in Metropolitan Areas' held at the National Assembly that morning, Chairman Hong said, "We will not abandon the firm principles of housing welfare policy." He mentioned, "This (housing supply expansion) plan is fundamentally based on a breakthrough supply volume through public-led urban public redevelopment."

He also noted that the core is to supply various facilities in a complex manner according to urban functions and to provide high-quality housing in well-equipped transit station areas. Chairman Hong said, "The supply will focus on sale apartments desired by demanders, and public rental housing will be mixed to offer consumer choice."

However, Chairman Hong hinted that additional measures are being prepared to ensure that such supply policies do not lead to housing price increases. He emphasized, "We will prevent market disturbances such as speculation recurrence through additional measures," and "We will carefully manage to ensure that speculation in urban areas does not lead to short-term housing price increases."

Chairman Hong also added, "We will establish a cooperation model among the government, local governments, and private construction companies to build a fast track for rapid supply as soon as possible." He stressed, "The success of housing supply in metropolitan urban areas depends on speed and volume," and "I ask local governments to cooperate to provide high-quality housing that exceeds market expectations."

He also expressed his intention to amend related laws. Chairman Hong said, "We will consult with the opposition party to ensure the law is amended swiftly, and the party will actively prepare measures regarding funding plans."

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