Ruling Party and Government Discuss Plans to Expand Housing Supply... "Housing Supply Exceeding Market Expectations" (Comprehensive)

Minister Byeon Chang-heum of the Ministry of Land, Infrastructure and Transport is delivering opening remarks at the ruling party-government meeting on revolutionary expansion plans for housing supply in metropolitan areas held at the National Assembly on the 4th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Jeon Jinyoung] The Democratic Party of Korea and the government held a meeting on the 4th to discuss measures to expand housing supply. The government plans to announce the supply measures as soon as the consultation concludes. Since President Moon Jae-in pledged at the New Year's press conference to "prepare extraordinary supply measures," attention is focused on this upcoming announcement.

Kim Tae-nyeon, the floor leader, stated in his opening remarks, "We have prepared large-scale housing supply plans exceeding market expectations for Seoul and the metropolitan area, where housing demand is high," adding, "This measure will help stabilize the housing market by alleviating market supply-demand anxiety and realize the dream of homeownership for the homeless."

As supply measures, Floor Leader Kim cited ▲ promotion of public redevelopment and reconstruction linked to urban regeneration in deteriorated old downtown areas ▲ supply strategies by location type that increase residential density through deregulation of station areas and semi-industrial zones ▲ securing short-term and mid-to-long-term supply volumes.

Hong Ik-pyo, chairman of the Policy Committee, said, "Based on the principle that sufficient supply should be provided according to housing market demand and supply, we will not abandon firm principles on housing welfare policies," adding, "While the market supplies sufficient volume, housing welfare policies for vulnerable groups, low-income households, and the younger generation will also be pursued simultaneously."

Chairman Hong added, "To this end, we will establish a cooperation model among the government, local governments, public enterprises, and private construction companies to create a fast track for rapid supply as soon as possible," and "We will also provide sufficient housing supply through high-density development in urban areas centered around station areas."

Byun Chang-heum, Minister of Land, Infrastructure and Transport, emphasized, "(This measure) will enable the rapid supply of good-quality housing with speed, volume, and locations that exceed market expectations."

Minister Byun stated, "Along with expanding supply volume, we will improve the subscription system to greatly expand homeownership opportunities not only for newlyweds and first-time buyers but also for general 30-40s homeless households," adding, "We will strongly protect tenants and low-income people and fully introduce a cyclical redevelopment method to resolve relocation issues."

He also added, "We will proactively manage short-term housing price instability that may arise during development by designating land transaction price control zones and other measures."

After the consultation, Chairman Hong told reporters, "I think related bills should be finalized by the first half of the year at the latest," adding, "After the announcement, consultations with the relevant local governments and opposition parties are necessary, so we aim to complete it within the first half of the year if there is no major controversy."

He continued, "The most important thing is speed, so relaxing related regulations to accelerate the process will be prioritized," adding, "In particular, we will first negotiate with Seoul City to ease regulations and actively discuss financial support issues because public development led by LH and others is necessary."

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