Jin Mi-yun, a professor at the Graduate School of Real Estate at Myongji University, said at the second grand debate on real estate chaired by the prime minister on the 27th that financial support is needed for non-apartment suppliers. She also said a special case to exclude the number of dwellings is needed to ease residents' tax burdens.
Professor Jin took the podium at the debate that day as a presenter on ways to expand dwelling supply. At the first debate on the 23rd, Professor Jin proposed three priority tasks among people's policy suggestions: selective support for redevelopment and reconstruction projects, recovery of non-apartment supply, and diversification of suppliers of rental dwellings.
Regarding redevelopment and reconstruction, Professor Jin said, redevelopment and reconstruction projects are unlikely to have a short-term supply effect, but they must never be left unattended. She added that where project profitability is good, redevelopment and reconstruction will proceed well at the private level even without policy support. She went on to say that it is necessary to make selective, concentrated investments in places where redevelopment is needed but the private sector is unable to move.
Professor Jin also said administrative procedures need to be streamlined to promote the use of idle land in city centers and the conversion of nonresidential land to other uses. Professor Jin said that even if you try to utilize idle land in the city center or push for a change of use, the related tasks are scattered across ministries, adding that streamlining administrative procedures, such as one-stop support, is important.
She added that to stabilize the lease market, Korea needs to foster a new private entity that will supply and operate long-term rental dwellings between public rental and individual landlords. Professor Jin said that as the global perception of rentals as living infrastructure is strong, we should also foster a new intermediary private rental entity to build a stable rental market.