Kim Yun-deok: Promoting Non-Apartment Supply & Considering Partial Greenbelt Deregulation If Necessary

Minister of Land, Infrastructure and Transport Kim Yun-deok has announced plans to vitalize the supply of non-apartment housing and diversify supply channels, including corporate rental housing providers.

He stated that the government would also actively consider partially lifting development restriction zones, or greenbelts, if necessary to expand housing supply.
  Speaking at the National Public Debate on Real Estate Policy presided over by Prime Minister Han Seong-sook at the Korea Chamber of Commerce and Industry today (the 27th), Minister Kim said, "I completely agree with the need to vitalize the non-apartment sector, and we are drawing up concrete measures."

"We are working to ensure that non-apartment housing supply is revitalized and that corporate rental providers are diversified so that capable supply entities can be properly established," he added.

Regarding financial support for these efforts, he explained, "We are in ongoing consultations with the Financial Services Commission (FSC), and I expect we will be able to reach a conclusion soon."

He also expressed empathy regarding the necessity of financial support for the construction industry.

Regarding housing construction financing, Minister Kim said, "I deeply sympathize with the necessity of supporting the supply side, while also considering whether there might be other side effects."

"I strongly agree that the construction financing issue must be resolved in some form for actual new housing to be supplied," he said, adding that consultations with the FSC would continue.
  Regarding the release of greenbelts, while agreeing with the principle of preservation, he maintained the stance that partial lifting might be necessary for housing supply.

"In principle, I agree with the opinions on preserving greenbelts," Minister Kim said. "However, ever since becoming the Minister of Land, Infrastructure and Transport, I have developed a strong desire to build homes even if it means lifting greenbelts."

"We are actively contemplating measures to supply housing by partially lifting greenbelts if necessary," he stated.
  Deputy Prime Minister Koo Yoon-cheol urged owners of multiple homes to approach the issue with the mindset of helping other neighbors own homes and escape housing insecurity, apart from the homes they reside in themselves.

He stated that the government would also pursue policies in that direction.

"Homes are places to live and public goods," Deputy Prime Minister Koo said. "While it cannot be helped for those who have valid reasons for maintaining multiple homes, otherwise please enable other citizens to own homes besides the one you live in, if possible."

"Our citizens are all, in a way, fellow countrymen," he added.

DPM Koo also noted, "From the perspective of people who do not own homes, they feel a great sense of disillusionment when housing prices skyrocket," adding, "We will make efforts to expand tax support where possible to supply rental housing for those without homes."
  The government has decided to review systems where young people and homeless real demanders face disadvantages in housing support due to marriage or family relationships.

Prime Minister Han Seong-sook stated regarding the so-called "marriage penalty," "Following the President's instruction to identify and resolve what can be resolved through a comprehensive inspection, we have found about 12 cases."

She explained that more than 20 related opinions have also been posted on the bulletin board, and the government is consulting with relevant ministries on areas requiring system improvements.

The government also plans to examine cases where adult children living with their parents, the so-called "kangaroo children," are excluded from support eligibility due to family income, or fail to meet the requirements for first-time homebuyer loans because they inherited a share of a house.

Financial Services Commission Chairman Lee Eok-won stated that while the strict management stance on household and real estate loans would be maintained, inconveniences for real demanders such as youths and newlyweds would be resolved through targeted "pinpoint support."

Chairman Lee said, "In a situation where supply is insufficient and liquidity overflows the market, easing loan regulations even slightly can trigger the housing market and create a vicious cycle of rising prices," adding, "Regulations on household and real estate loans must consistently remain strict."

However, he explained, "Amidst this, youths and newlyweds can experience considerable inconvenience," and added, "We are contemplating pinpoint support measures to alleviate the discomfort of real demanders without undermining the household loan management stance."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.