"Gangnam 30-pyeong apartments can be sold for 300 million won": What does the bill proposed by Jeon Hyun-hee say?

[Financial News] Jeon Hyun-hee, a lawmaker from the Democratic Party of Korea, introduced as the lead sponsor an amendment bill to the Housing and Urban Fund Act. The bill would designate the costs required to build land-lease homes for sale and develop their sites as eligible for support from the Housing and Urban Fund, thereby reducing the land-cost burden on homebuyers.
At a press conference held on the 21st at the National Assembly Communication Center, Jeon emphasized, "Apartments at one-quarter the price—offering 30-pyeong apartments in Gangnam for around 300 million won is entirely possible," adding, "We can also readily provide high-quality, affordable youth public rental housing called 'Seoul Yoonseul' near transit stations."
Jeon, who said, "I propose a land-lease housing policy as a housing policy for Korean youth and all citizens," explained, "Under this approach, the public sector owns the land and directly builds the homes, supplying only the buildings to citizens to reduce their land-cost burden."
She continued, "The supply of aging public housing should be expanded through reconstruction, while areas near transit stations and public land should be actively utilized. Some of the development gains generated during redevelopment and reconstruction should be recovered by the public sector in the form of land and housing and then used again to supply public housing."
Explaining the background behind the bill, Jeon said, "We need to create a structure in which the public sector provides the land, the state provides support through the Housing and Urban Fund, public institutions build the homes, and young people and citizens receive housing at affordable prices."
She also stressed, "Young people need homes where they can live independently and prepare for the future; newlyweds need homes where they can raise children; and people in their 40s and 50s who do not own homes need hope of owning one. Separating ownership of land from ownership of housing and guaranteeing everyone stable housing opportunities through land-lease homes and the youth public rental housing program 'Seoul Yoonseul' is what I envision as Basic Housing."
[email protected] Kim Hee-sun Reporter