Yoo Seung-min: "LH-led Housing Supply Should Be Canceled... Leave It to the Private Sector"

Even if pushed by the President, distrust remains high
Private supply regulations must be lifted first
Without Board of Audit and Inspection audits and prosecution investigations, public anger cannot be controlled

Former People Power Party lawmaker Yoo Seung-min [Image source=Yonhap News]

[Asia Economy Reporter Lee Hyun-joo] Former People Power Party lawmaker Yoo Seung-min stated on the 14th that the housing supply plan led by the Korea Land and Housing Corporation (LH) should be scrapped.

On that day, Yoo said through his Facebook, "Despite the fierce anger of the people, President Moon Jae-in entrusted the Minister of Land, Infrastructure and Transport with the 2.4 Plan and told him to stop," adding, "No matter how much the president pushes the 2.4 Plan led by LH, can the LH-led method work now that distrust toward LH has reached its peak?"

He emphasized, "I have pointed out several times, but even before the LH speculation scandal broke out, the biggest problem with the 2.4 Plan was the public-led approach," and added, "Excluding the private sector and having the public sector lead can never supply housing timely and efficiently."

He continued, "I propose to President Moon Jae-in," saying, "Switch the public-led 2.4 Plan to a private-led one, and start by lifting regulations on private supply." Yoo also noted, "We should pay attention to the fact that candidate Oh Se-hoon’s pledge to 'lift redevelopment and reconstruction regulations within a week if elected mayor of Seoul' is receiving great support from the market."

Yoo said, "The Ministry of Land and LH are subjects of investigation, but the Minister of Land is a former LH president, so who can trust the investigation results led by such a Ministry?" He added, "If the Board of Audit and Inspection and the prosecution do not conduct audits and investigations now, the public’s distrust and anger will be uncontrollable."

Furthermore, he suggested a direction for reform, stating that the Ministry of Economy and Finance’s ongoing review of LH reform should transform it into a welfare corporation focused solely on supplying public rental housing for the homeless low-income groups, youth, elderly, and newlyweds.

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