[2023 National Audit] 70% of LH Sale and Rental Housing Concentrated in the Seoul Metropolitan Area

Over the past five years, nearly 70-75% of the supply of sale and rental housing by Korea Land and Housing Corporation (LH) has been concentrated in the Seoul metropolitan area, excluding non-metropolitan regions, according to criticism raised.

According to data submitted by LH to Kim Su-heung, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea, on the 16th, in the case of public sale housing, about 50,000 units were supplied over the past five years, with approximately 38,000 units supplied in the Seoul metropolitan area. This accounts for more than 75% of the total supply.

In the case of rental housing, about 90,000 units were supplied, with around 60,000 units supplied in the Seoul metropolitan area, revealing that nearly 70% of the total supply was concentrated in the metropolitan area.

Additionally, an analysis of the execution details of the metropolitan transportation improvement measures over the past five years showed that out of 4.0708 trillion KRW spent, 4.0131 trillion KRW was spent in the Seoul metropolitan area, accounting for 99% of the total expenditure.

Assemblyman Kim stated, "Even in the supply of public and rental housing for low-income citizens, the Yoon Seok-yeol administration has supplied only about one-fifth of what the Moon Jae-in administration provided, neglecting the stabilization of housing for the common people and other livelihood issues." He added, "LH should pursue its vision for balanced national development by ensuring housing stability for the people and balanced housing supply across regions to improve the quality of life."

In response to these criticisms, LH explained, "The Seoul metropolitan area has high housing demand and a relatively low housing supply rate compared to the rest of the country," adding, "there was a large volume of housing supply to stabilize housing prices through continuous supply."

LH also stated, "Going forward, we will steadily promote housing supply in provincial areas considering regional housing demand, and continue to pursue projects such as regional development and industrial complexes for balanced regional development."

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