LH Forms 'Housing Stability Promotion Support Team' to Actively Address Jeonse Crisis

LH officials attending the launch ceremony of the 'Housing Stability Promotion Support Group' are taking a commemorative photo. (Provided by LH)

[Asia Economy Reporter Lee Chun-hee] Korea Land and Housing Corporation (LH) is taking active measures to support the government's November 19 rental housing policy by establishing a 'Housing Stability Promotion Support Team' to address the recently emerging rental housing shortage.

On the 22nd, LH announced that it held a 'Metropolitan Area Field Inspection Meeting' led by CEO Byun Chang-heum and other executives, establishing related organizations to fully support the government's 'Support Plan for Housing Stability for Low-Income and Middle-Class Citizens (Rental Housing Policy)'.

On the 19th, the government announced a plan to supply a total of 114,000 rental-type housing units by 2022 to stabilize the rental market. LH plans to handle at least 80% of this volume through utilizing vacant public rental housing, supplying public rental housing, and purchasing contract housing.

Immediately after the government policy announcement, LH held the 'Metropolitan Area Field Inspection Meeting' and began moving swiftly to promptly implement government policies such as supplying rental housing in the metropolitan area. At the meeting attended by CEO Byun and other executives, various tasks were discussed, including ▲plans to convert vacant rental housing into rental-type housing ▲early occupancy promotion of new public sale and rental housing ▲methods to newly introduce public rental housing through purchase contracts. In particular, the focus was on securing the maximum possible supply volume quickly to achieve the government's goal of supplying more than 40% of the total planned volume early by the first half of next year.

Along with this, LH established a company-wide response system and launched the 'Housing Stability Promotion Support Team' led by the vice president to promote field-oriented projects, holding an inauguration ceremony. Going forward, it plans to serve as a control tower for supplying rental-type housing through close collaboration between headquarters and field offices.

LH CEO Byun Chang-heum said, "This support plan for housing stability for low-income and middle-class citizens, which focuses on supplying rental-type housing in a short period, will be a significant turning point for stabilizing the monthly rent market," adding, "We will do our utmost to mobilize LH's human and material resources to ensure that rental housing is supplied in a timely manner for actual demanders."