Lee Jae-myung, the Democratic Party presidential candidate, held a New Year's press conference on the 4th at the Kia Motors factory in Gwangmyeong, Gyeonggi Province, under the theme "Vision for Korea's Great Transformation and National Leap Forward." Photo by the National Assembly Press Photographers Group
[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, stated on the 4th that he could announce his plan to supply 2.5 million housing sites in early February, before the Lunar New Year holiday. He also said he would consider lifting the Greenbelt for housing supply.
On the morning of the same day, Lee held a New Year's press conference at Kia Autoland Gwangmyeong (formerly Kia Sohari Plant) in Gwangmyeong, Gyeonggi Province. When asked about the timing of the announcement of the large-scale housing supply plan, he responded accordingly. He added, "The housing and real estate issues are likely passing a turning point, as experts have predicted," and emphasized, "The goal of housing policy is not only to stabilize housing prices but also to meet the housing demand of the homeless."
He continued, "Housing should be supplied at a cost where only a small profit is made from the new housing cost, so that young generations, newlyweds, and socially vulnerable groups have opportunities," and mentioned, "If the heavy capital gains tax on multi-homeowners is temporarily suspended, a considerable amount of supply will come out, which will help stabilize prices." Referring to the need to ease floor area ratio regulations in urban redevelopment projects such as reconstruction and redevelopment, he added, "Additional easing can be done if public contributions are received."
Regarding the possibility of lifting the Greenbelt, he said, "I mentioned that lifting the Greenbelt is also under consideration," clarifying, "It does not mean that we will definitely damage the Greenbelt, but that it will be reviewed if necessary." He stated, "The 3rd New Town was mostly developed by lifting the Greenbelt, so if it is necessary, it should be done."
Lee said, "We are now in a state where we need to prepare for the risk of housing price decline, so it is important to prevent a hard landing," and added, "If housing prices unexpectedly plunge, setting a certain baseline and securing public housing could be an opportunity to help stabilize the market."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
