Sim Sang-jung Proposes "Expanding Budget for 3rd New Towns to 250,000 Households... New Concept Public Housing"

Sim Sang-jung, a member of the Justice Party, is holding a press conference on the 3rd phase new town supply plan at the National Assembly Communication Office on the 24th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] Sim Sang-jung, a member of the Justice Party, proposed expanding financial support for the 3rd generation new towns such as Namyangju Wangsuk and specially supplying 250,000 units of a new concept of public housing.

Sim, the chairperson of the Justice Party's Special Committee for Dismantling the Real Estate Speculation Republic, stated this at a press conference on the 26th, emphasizing, "We must responsibly respond to how to best utilize the public land developed in the metropolitan areas accessible for commuting, such as Namyangju Wangsuk, Hanam Gyosan, Incheon Gyeyang, Goyang Changneung, Bucheon Daejang, and Gwangmyeong Siheung."

He said that a completely new concept housing complex, different from existing ones in terms of housing construction, residential infrastructure development, and government financial responsibility, should be created as an opportunity to change public perception.

Regarding the new concept public housing, he said, "We should consider various housing models reflecting residents' characteristics, such as tailored units for single, two-person, and multi-person households, universal design for youth, elderly, and disabled households, and energy-zero housing to achieve carbon neutrality in the era of the climate crisis."

Sim added, "We will also create cultural and sports facilities where residents can engage in cultural, hobby, and health activities together with neighbors in the residential space," and "Furthermore, we will establish a community-integrated care system within the residential space to foster close relationships with the local community."

He viewed government public financial support as essential. Sim said, "Instead of land speculation and house speculation on public land, the government must take financial responsibility," adding, "Currently, the government's financial support for new town projects accounts for only about 30% of the construction costs of public rental housing. Housing stability for ordinary citizens should be the top national priority, and financial support must be drastically increased."

In the short term, he proposed using the surplus funds of the Housing and Urban Fund (which amounted to 37 trillion won as of 2019) for public housing supply and having the government share the principal and interest responsibilities thereafter.

Sim also said, "We should actively utilize domestic pension funds. Recently, the increased revenue from property holding taxes and capital gains taxes due to soaring real estate prices can also be an important financial resource for public housing projects."

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