Nominee Noh Hyung-wook: "Lease 3 Laws Positive... Will Settle Them"

National Assembly Confirmation Hearing Response Materials

Nomhyunguk, nominee for Minister of Land, Infrastructure and Transport, is arriving at the personnel hearing preparation office set up at the Seoul Regional Land Management Office in the Government Gwacheon Complex on the morning of the 30th of last month.
[Image source=Yonhap News]

[Asia Economy Reporter Moon Jiwon] Nominee for Minister of Land, Infrastructure and Transport, Noh Hyung-wook, evaluated the Lease 3 Acts, which are considered a major cause of instability in the jeonse and monthly rent market last year, as having "positive effects such as an increase in contract renewal rates." He also emphasized that he would work to stabilize this system going forward.

On the 2nd, in response to a question from Park Sang-hyuk of the Democratic Party of Korea, who argued that the Lease 3 Acts should be withdrawn, Noh answered this way in the written answers submitted to the National Assembly for the confirmation hearing.

He explained, "With the introduction of the Lease 3 Acts, the renewal rate of the top 100 apartments in Seoul increased from 58.2% in September last year to 73.1% in March this year." He added, "If I become the Minister of Land, Infrastructure and Transport, I will review whether there are any necessary improvements to ensure the stable establishment of the system."

Regarding the sharp rise in jeonse and monthly rent prices after the introduction of the Lease 3 Acts last year, he replied, "The increase in jeonse and monthly rent prices in the second half of last year was due to a combination of several factors, including interest rate cuts, an increase in households due to household fragmentation, and the Lease 3 Acts." This can be interpreted as indicating that the Lease 3 Acts are not the core cause of instability in the jeonse and monthly rent market.

To ensure the early stabilization of the Lease 3 Acts, he said, "Active promotion and a solid institutional foundation must be properly established." He continued, "The housing lease reporting system will be implemented next month, and the Ministry of Land, Infrastructure and Transport's Lease Dispute Mediation Committees, which numbered only six last year, will be doubled to twelve this year."

Regarding the announcement plan for standard rent and appropriate rent, he showed a cautious attitude, saying, "Even if the introduction of the system is decided, thorough preparation such as laying the foundation is necessary." On some claims that the contract renewal request right should be changed from the current '2+2' system to a '3+3' system, he explained, "It is important to stabilize the current system to guarantee tenants' housing rights and stabilize the lease market."

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