Young Adults in Their 20s and 30s Frustrated by Soaring Housing Prices... Ministry of Land, Infrastructure and Transport Establishes 'Youth Dedicated Department'

Ministry of Land to Establish Youth Policy Division Next Month
Dedicated to Youth Housing Policy... Boosting Momentum
Also Seen as Vote-Grabbing Ahead of Next Year's Presidential Election

Minister of Land, Infrastructure and Transport Noh Hyung-wook is speaking at the joint briefing of real estate-related ministries held at the Government Seoul Office in Jongno-gu, Seoul on the 28th of last month. Photo by Kim Hyun-min kimhyun81@

The Ministry of Land, Infrastructure and Transport is set to establish a dedicated 'Youth Policy Division' for youth housing affairs as early as next month. This move aims to assist young people facing housing instability due to the recent surge in real estate prices, but some analysts suggest that the government is also trying to win the support of the MZ generation (people in their 20s and 30s) ahead of next year's presidential election.

According to the government on the 28th, the Ministry of Land, Infrastructure and Transport has finalized plans to create the Youth Policy Division to oversee youth housing policies and is currently proceeding with the organizational setup process. The ministry recently announced a legislative proposal to amend the 'Enforcement Rules of the Organization of the Ministry of Land, Infrastructure and Transport and Its Affiliated Agencies' to increase staffing for this division. Although the legislative notice named it the Youth Housing Policy Division, it is reported that the final name will likely be the Youth Policy Division.

The Youth Policy Division will be responsible for drafting youth housing policies, establishing mid- to long-term plans, monitoring the housing conditions of youth, and supporting housing for single-person youth households. The purpose is to consolidate youth housing tasks, which had been scattered across various departments, to enhance efficiency and momentum.

A ministry official stated, "There was no dedicated organization for youth policy before, making it difficult to develop policies reflecting the needs of young people. With the establishment of a dedicated division, we can create more proactive and tailored measures."

This new department is a government-level initiative. Previously, the Ministry of the Interior and Safety announced that it was consulting with the Budget Office of the Ministry of Economy and Finance to form dedicated youth policy organizations within the Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance, the Ministry of SMEs and Startups, and the Financial Services Commission. As concerns among youth grew due to the spread of COVID-19, soaring real estate prices, and widening asset gaps, the government is interpreted to be actively pursuing tailored youth policies by forming dedicated organizations.

However, some critics argue that the government is engaging in political maneuvers to secure the votes of the 20s and 30s generation, which has emerged as a 'casting vote' ahead of next year's presidential election. It is analyzed that the government has belatedly started 'caring for youth' as young people turn away from the government and ruling party due to high housing prices and job shortages.

On the 26th, the government held the Youth Policy Coordination Committee chaired by Prime Minister Kim Boo-kyum and announced special youth measures including the Youth Tomorrow Savings Account and Youth Hope Installment Savings. While these measures have been praised as positive steps to address policy blind spots, there are also negative opinions that they are merely showy measures without fundamental solutions to employment problems.