Moon Jae-in Government's 'Real Estate Policy' Theorist
Housing Supply Expert with Both Theory and Practice
Fresh Ideas Raise Expectations for Housing Stability
Concerns Over Repeating Failures While Maintaining Policy Direction
Joeunsan "Already Starting to Miss Kim Hyun-mi"
Byun Chang-hoom, President of Korea Land and Housing Corporation (LH), is taking an oath at the LH audit held at the National Assembly on October 8. (Photo by Yonhap News)
[Asia Economy Reporter Moon Jiwon] As Byun Chang-heum, president of Korea Land and Housing Corporation (LH), has been nominated as the new Minister of Land, Infrastructure and Transport, the market is generally filled with concerns, though some expectations are also observed.
Since he is an expert in housing supply who combines theory and practice, there are opinions that he will achieve market stability. However, considering his past remarks and policies, many predict that he may repeat the policy failures of former Minister Kim Hyun-mi and plunge the real estate market into even greater chaos.
According to sources inside and outside the government on the 5th, the Blue House's nomination of Byun as Minister of Land, Infrastructure and Transport is interpreted as a judgment that he is the right person to maintain the current administration's real estate policy direction while ensuring smooth housing supply.
Since 2014, he has served as president of Seoul Housing and Communities Corporation (SH) and laid the foundation for the "Urban Regeneration New Deal," a pledge project of the Moon Jae-in administration, together with Kim Soo-hyun, former Blue House policy chief and then president of the Seoul Institute.
In addition, he took office as LH president in April last year and has led the government's housing supply policies. He played a key role in accelerating the 3rd New Town projects and is also promoting public rental housing supply, a core part of the November 19th rental policy. He is an expert who has served as a senior researcher at Seoul Urban Development Corporation, associate researcher at the Seoul Institute, professor at Sejong University, and director of the Korea Urban Research Institute, and has a deep understanding of the current administration's housing policies.
In fact, there are expectations within and outside the government that Byun will come up with innovative ideas to solve the housing supply shortage in Seoul and the metropolitan area based on this experience.
The Democratic Party of Korea issued a written statement after the personnel announcement yesterday, saying, "Byun Chang-heum, the nominee for Minister of Land, Infrastructure and Transport, is evaluated as having abundant theory and practical experience in urban planning and housing fields," and added, "We expect him to realize stable housing for the common people and balanced national development so that the people's right to housing can be guaranteed."
Chang Choong-heum, President of Korea Land and Housing Corporation (LH), attended the National Assembly Land, Infrastructure and Transport Committee's audit of Korea Land and Housing Corporation on October 8. After taking the oath as a witness, he handed the declaration to Chairperson Jin Sun-mi and then turned away. Photo by Yoon Dong-joo doso7@
However, in the market, there is an opinion that Byun's nomination as Minister of Land, Infrastructure and Transport, as a theorist of the Moon Jae-in administration's real estate policy, is essentially a declaration of intent to push existing policies more strongly, making it difficult to expect housing price stabilization.
Byun appeared at the National Assembly Land, Infrastructure and Transport Committee plenary session on August 3rd and said, "The Moon Jae-in administration's housing policy performance is above average," and "The Moon Jae-in administration is the best at (real estate policy)." In response, the opposition party commented on this appointment, saying, "We are concerned that hail may fall after the dark clouds pass."
In a piece contributed to a magazine published by the Korea Local Government Officials Mutual Aid Association in December 2018, Byun said, "There are online sites with hundreds of thousands of members, various lectures, and clubs active. A huge network that promotes real estate transactions and drives up real estate prices is influencing the market," implying that 'real estate communities' have raised housing prices.
As these past remarks spread, real estate communities and others responded with comments such as, "Minister Kim Hyun-mi blames the previous administration, and nominee Byun Chang-heum blames the communities," and "We are already worried about how future real estate policies will unfold."
'Jin-in Jo Eun-san,' who gained attention for criticizing government real estate policies with writings like 'Seven Proposals for Reform,' also criticized Byun's nomination on the same day, saying, "I, who wrote a petition to 'dismiss Kim Hyun-mi,' now have to write a petition to 'retain Kim Hyun-mi.'"
Jo Eun-san wrote on his blog, "If I dare to evaluate, it is not above average but close to the worst beyond terrible (초악, 超惡)," and "Only when the administration changes will housing prices finally stabilize. This administration has no answer." He added, "At least she (Kim Hyun-mi) was somewhat predictable. It's absurd, but I am already beginning to miss her."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
