Yoon Administration Draws Blueprint for Supplying 2.5 Million Houses with Private Experts (Comprehensive)

View of apartments from Lotte World Tower Seoul Sky in Songpa-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Ryu Tae-min] The government has formed a Housing Supply Innovation Committee composed of private experts to accelerate the pace of housing supply. This is the first time since the government’s inception that a blueprint for housing supply plans has been drawn up together with private experts.

The Ministry of Land, Infrastructure and Transport (MOLIT) held a kickoff meeting on the 29th to establish a plan to supply 2.5 million+α housing units within 100 days of the government’s launch by forming the Housing Supply Innovation Committee. MOLIT plans to speed up the establishment of supply plans through the Housing Supply Innovation Committee, which includes a total of 15 private experts.

On the 29th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, held the first meeting of the Housing Supply Innovation Committee, composed of 15 private experts. (Photo by Ministry of Land, Infrastructure and Transport)

Based on the Innovation Committee’s opinions, MOLIT also formed a ‘Housing Supply Task Force (TF)’ to create policy alternatives and a ‘working organization’ to serve as the secretariat. The Housing Supply TF is led by the first vice minister of MOLIT and consists of three divisions: public land, urban supply, and private redevelopment projects. The TF holds weekly supply plan review meetings chaired by the first vice minister and convenes a full TF meeting monthly to monitor the progress of housing supply plans.

The Innovation Committee includes academic figures such as Professor Shim Gyo-eon of Konkuk University’s Department of Real Estate, who served as the head of the real estate TF at the Presidential Transition Committee, Professor Kwon Dae-jung of Myongji University, Professor Lee Yong-man of Hansung University, and Kim Deok-rye, Director of Housing Policy at the Korea Housing Industry Research Institute. It also includes construction industry figures such as Park Jae-hong, President of the Korea Housing Builders Association, Choi Kwang-ho, Senior Vice President of the Korea Housing Association, and Kim Seung-bae, President of the Korea Real Estate Development Association.

At the meeting, the Innovation Committee discussed the limitations of past housing supply policies and the new government’s housing supply policy direction. In particular, it was pointed out that although the government has strived to stabilize housing prices despite difficult macroeconomic conditions, the demand-suppression-centered policies failed to meet the supply demand desired by the public. Additionally, limitations were noted in terms of supply timing, location, actors, and supply types.

The committee members diagnosed that the absence of a systematic supply plan spanning the government’s four-year term resulted in a failure to supply the ‘homes desired by the public’ and emphasized the need for supply plans that satisfy diverse housing demands. Accordingly, MOLIT announced plans to prepare a supply plan based on policy directions including ▲comprehensive improvement of residential quality ▲harmonization of functions and roles between the private sector and government ▲and systematic supply with execution capability.

Minister of Land, Infrastructure and Transport Won Hee-ryong stated, “With the stance that there are no sacred cows in supply, we will review the entire housing supply process from scratch through the Housing Supply Innovation Committee and remove unnecessary regulations,” adding, “We will prepare a concrete execution plan in the shortest possible time.”

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