Noh Hyung-wook "Resolving Youth Housing Issues is a Must"

Nominee Noh Hyung-wook for Minister of Land, Infrastructure and Transport Confirmation Hearing

Nominee for Minister of Land, Infrastructure and Transport, Noh Hyung-wook, is delivering an opening statement at the confirmation hearing held at the National Assembly on the 4th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Jiwon] Nom Hyung-wook, the nominee for Minister of Land, Infrastructure and Transport, expressed that he feels "heavy-hearted" about the worsening housing issues faced by young people due to instability in the real estate market, and stated, "I will definitely resolve the housing problems of the youth."

On the 4th, at the confirmation hearing held at the National Assembly, Nom responded this way to a question from Jang Kyung-tae of the Democratic Party of Korea, who asked, "Please express your determination to solve the youth housing problem."

He said, "I want to make the dream of owning a home for young people come true," adding, "Real estate prices need to be stable, and various measures such as public self-owned housing supplied according to the affordability of young people should be promoted."

Regarding the 2·4 Housing Supply Plan, he evaluated it as "a measure to overcome the limitations of previous supply plans," emphasizing, "While the issues related to the Korea Land and Housing Corporation (LH) scandal must be cut out and the organization reborn, the housing supply plan must proceed without disruption, and I will ensure its thorough implementation."

Nom stated, "The government focused on supplying housing in the outskirts of Seoul, such as the 3rd New Towns, which caused a mismatch by failing to meet demand in downtown Seoul. To address this, a downtown supply plan was prepared," and added, "I think it would have been better if both supply measures (in the two locations) had been implemented simultaneously from the start."

As for the recent rise in Seoul housing prices, he cited expectations regarding reconstruction. He explained, "There was an issue where housing prices rose during reconstruction, and tenants living in the area or those without additional financial capacity had to leave their homes."

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