LH President Lee Seong-hoon: "We will absorb demand through broad-based rental housing"

[Financial News] Lee Seong-hoon, president of LH, presented the direction of the Housing Stability Plan: housing sales will initially absorb demand from prospective homebuyers, followed by a shift to broad-based rental housing over the long term.
At a press briefing on September 30, Lee said, "We plan to offer a large number of homes for sale for now to fully meet and absorb demand from prospective homebuyers," adding, "In the long term, we will pursue broad-based rental housing."
The Housing Stability Plan was established to supply 1.19 million housing units by 2030. Of these, 240,000 will be public-sale units, while the remainder will be supplied as rental housing. As concerns emerged that the high proportion of rental housing could reduce the number of homes for sale and make it difficult to meet demand from prospective buyers, Lee offered an explanation himself.
Lee emphasized that the supply of homes for sale would not be insufficient. He said, "For the next two to three years, scheduled housing sales will be supplied as planned," adding, "There is no need to worry that the volume of homes for sale is too small." He also stressed, "Nearly 100,000 homes will be offered for sale in new towns alone over the next three years," and added, "More than 30,000 homes will be offered for sale in new towns alone in 2028. That will be the largest volume ever since the first-generation new towns."
Broad-based rental housing will be rolled out in earnest after housing sales. Lee made clear that sales would come first, saying, "A large number of homes will be offered for sale first, and broad-based rental housing will be rolled out in earnest afterward." This means demand will not be absorbed through rental housing immediately.
He also said there was no problem meeting this year's construction-start target. Lee stated, "Most of this year's target of starting construction on 50,000 homes is already at the permitting and approval stage," and predicted, "Because permits and approvals are concentrated in the fall, we should be able to meet the target by December." He added, "The target is not in danger of being missed," and said, "Despite compensation issues in some areas, including Seoripul, there will be no disruption to the overall schedule."
Meanwhile, Lee also addressed concerns inside and outside the organization surrounding the government's announced LH spin-off. He said, "We are asking the government to flesh out measures so that employees can benefit, rather than suffer losses, in areas such as their working conditions as a result of the spin-off," adding, "The government is expected to announce measures to strengthen the budget and staffing shortly." He continued, "We must ensure that supplying a large volume of housing does not disadvantage us in management evaluations," and emphasized, "We will achieve both LH reform and housing supply."

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