Housing Industry Urges National Assembly to Swiftly Pass Housing Supply Bills

"Market Uncertainty Must Be Resolved Through Bipartisan Cooperation"

The housing construction industry has called on lawmakers to swiftly pass bills related to housing supply measures.

On May 8, ahead of the National Assembly plenary session, the Korea Housing Builders Association and the Korea Housing Association, which represent housing construction companies, requested, "We urge political parties to set aside their political interests and promptly pass the government's housing supply policy bills, which are currently pending in the National Assembly, through bipartisan cooperation."

The two associations stated, "Due to the ongoing high interest rates and rising construction costs, the downturn in the housing market has been prolonged. Although the government has announced measures, the subsequent legislation to support these measures has been delayed, further amplifying uncertainty in the housing market."

They emphasized that, as a result, confusion among the public—who had anticipated an expansion of housing supply—has grown. If these bills are not processed in a timely manner, there is a risk that the housing ladder for ordinary citizens may be severed.

In particular, the associations expressed concern that difficulties in project implementation caused by legislative delays could ultimately weaken the foundations for housing supply in the medium and long term, trigger market instability, and lead to a downturn in the local domestic economy.

The associations added, "In order to breathe life into the housing market, which is on the brink, we urge lawmakers to demonstrate cooperative governance in the public interest and reach a prompt agreement to process the bills with the sole goal of improving people's livelihoods."

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