Minister of Land, Infrastructure and Transport Kim Yun-deok stated on the 27th that he will actively pursue the so-called 'Kim Yun-deok-style supply' utilizing vacant commercial and office spaces, while accelerating efforts to vitalize non-apartment housing supplies.

While reaffirming that young people and newlywed couples remain the top priority in housing policies, he reiterated a cautious stance on raising the floor area ratio for private redevelopment and reconstruction projects.

Attending the National Public Debate on Real Estate Policy hosted by Prime Minister Han Duck-soo at the Korea Chamber of Commerce and Industry that afternoon, Minister Kim responded to questions from attendees regarding supply measures.

"I completely agree with vitalizing non-apartment housing," Kim said. "We are working to establish proper supply channels by boosting non-apartment supplies and diversifying corporate rental entities."

He added, "To this end, we are continuously consulting with the Financial Services Commission on financial support measures, and a conclusion is expected soon."

Minister Kim also stated that he will actively push forward with the so-called 'Kim Yun-deok-style supply' utilizing vacant spaces such as commercial buildings and offices.

Emphasizing that utilizing vacant commercial and office spaces to create housing for young people and newlyweds is highly effective and yields short-term results, he stressed, "The Ministry of Land, Infrastructure and Transport is preparing this very importantly and intends to push it forward boldly."

In response to a young attendee's question about the government's goal for youth housing policy, he replied, "The ultimate goal is to help young people achieve housing stability and, based on that, build a housing ladder."

"Taking bold measures regarding non-apartment issues leaves plenty of room to create living spaces for single-person households and young people, so we are actively reviewing it," he underscored, adding, "The starting point of real estate policy is young people and newlyweds."

Regarding criticisms that the government is passive about private housing supply, he said, "That is not true at all."

"We recognize that problems arise if housing supply falters on the private sector side," Kim noted, adding, "The Ministry has a clear stance on speeding up approvals and converting knowledge industry centers into housing for supply."

However, regarding the increase in the floor area ratio for private urban maintenance projects, he explained, "We maintain a cautious stance due to concerns that the demolition of existing housing during the maintenance process could cause a supply vacuum and drive up housing prices."

As for the construction industry's demands for financial support, he remarked, "I deeply sympathize with the necessity of supporting the supplier side regarding housing construction finance, while also pondering potential side effects."

"We strongly agree that the construction finance issue must be resolved in some form to actually supply new housing," he said, adding, "We are in ongoing consultations with the Financial Services Commission."

Regarding the issue of unsold housing after completion in regional areas, he stated, "We expanded the previous administration's plan to purchase 3,000 units of unsold housing to 8,000 units, and raised the purchase price to a level that facilitates transactions smoothly." He added, "We are preparing to expand tax benefits related to owning two homes for a single household."

"We are dividing housing issues into the Seoul metropolitan area and non-metropolitan regions to pursue tailored measures for each," he added.

(Photo: Yonhap News)