President Lee: “Don’t be bound by convention and procedures ... launch a housing-supply blitz”

[Financial News] President Lee Jae-myung said on the 20th, regarding housing supply, “I hope you will launch a housing-supply blitz without being bound by existing practices and procedures, shortening as much as possible the time required from developing housing sites through obtaining various permits and starting construction.”
At the 45th Cabinet meeting, held that day at the main building of the Blue House, President Lee said, “What matters is not simply declaring or announcing how many homes we will build, but actually breaking ground and having people move in.”
President Lee assessed that supply uncertainty had persisted structurally as housing construction permits, particularly in Seoul, fell sharply after 2022 and the supply of new sites in new towns and elsewhere was delayed. He went on to stress, “To resolve the current real estate problems, which result from the combined effects of various factors that have accumulated over time, consistent market-management policies and the rapid provision of large-scale housing supply are needed.”
On expanding the supply of public rental housing, President Lee also said, “Special attention should be paid to quickly supplying high-quality public rental housing for young people and the middle class through proactive fiscal management.”
Referring to the fact that the first move-ins to the Third New Towns will begin in Gyeyang, Incheon, this coming December, he said, “Housing supply in the other new towns must also be expedited.” He urged officials to “make every effort across the board, with the resolve that the success or failure of state affairs depends on housing stability that people can actually feel.”
[email protected] Seong Seok-woo Reporter