The new government will significantly expand public dwellings, such as public housing and publicly supported private rental dwellings, over the next five years. In particular, it plans to increase the share of long-term public rental dwellings from 8% to 10% of the total dwellings.
The Presidential Committee on Policy Planning revealed this housing supply plan through the 'five-year plan for the governance of the Lee Jae-myung administration' on the 13th. Public dwellings refer to housing involving private participation in public housing construction projects and publicly supported private rental dwellings.
The new government has set a goal to raise the proportion of long-term public rental dwellings from the current 8% to 10% by 2030. Park Hong-keun, chair of the Policy Planning Division of the Presidential Committee on Policy Planning, said that "1.1 million public dwellings will be supplied."
In particular, the new government plans to realize housing stability for low-income earners through tailored housing support for newlyweds, the elderly, and single-person households. Various types of public sales, including profit-sharing (repurchase conditions), equity accumulation, and land lease, are expected to be provided for this purpose.
In this announcement, the government only outlined the broad housing policy direction of 'expanding housing supply' and 'realizing thick and dense housing welfare.' There are market analyses suggesting that the government minimized specific mentions out of concern that the real estate policy announcement could stimulate the market. One real estate expert noted, "In a situation where the market has turned cautious due to loan regulations, it seems the government has minimized references to policy direction until announcing supply measures."
On this day, the Presidential Committee on Policy Planning included related policies in its national tasks for ▲realizing future mobility and 'K-AI (artificial intelligence) city' ▲completing the administrative capital Sejong ▲the transfer of public institutions in the second phase for regional balanced development.