Won Hee-ryong "2.5 Million Houses Within 100 Days... Focus on Urban Supply" (Comprehensive)

Won Hee-ryong, Minister of Land, Infrastructure and Transport

On the 16th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, announced, "We will unveil a housing supply plan of 2.5 million units plus alpha within 100 days of the government's launch." The Ministry of Land plans to quickly prepare a plan to supply 500,000 youth housing units aimed at young people who face relatively greater difficulties in owning homes due to limited asset accumulation opportunities.

At the inauguration ceremony held at the Government Complex Sejong on the same day, Minister Won stated, "We will provide a detailed plan including the quantity by region, type, and year, as well as the fastest supply methods." He emphasized focusing on urban supply where demand is high to lay the foundation for stabilizing housing prices.

He also announced early promotion of pre-subscription for youth cost-price housing and first homes near subway stations for young people and households without homes. Minister Won added, "Through bold financial and fiscal support, application of youth-tailored LTV and DSR, and tax benefits, we will enable young people lacking basic assets to have hope for homeownership."

He reiterated his commitment to easing redevelopment and reconstruction regulations. "We will proceed with normalizing regulations on redevelopment and reconstruction projects, finance, and taxation as promised, in cooperation with related ministries," he said. "To prevent market confusion, we will establish a master plan and execute it in an orderly manner." Additionally, to proactively respond to demographic changes such as the increase in single-person households, low birth rates, and aging, he announced plans to create a future residential welfare platform combining housing, lifestyle, and public services.

He also revealed plans to shift the policy paradigm from supply-centered transportation to demand-centered mobility. In line with this, the Ministry of Land will redesign its organizational structure from a traditional internal combustion engine focus to a future-oriented mobility-centered structure. He stated, "The English name of the Ministry of Land, Infrastructure and Transport's transportation sector should change from 'Ministry of Transport' to 'Ministry of Mobility.'"

Minister Won expressed his determination for the Ministry of Land to be the source of innovation and the leading ministry in digital innovation under the new government. He emphasized, "Starting next year, we will begin comprehensive demonstrations of Urban Air Mobility (UAM), and pilot operations will commence in Seoul and other areas by 2025." He stressed that mobility is not a distant future story but will become part of our daily lives within the new government's term. He also highlighted plans to focus on building the fundamental infrastructure for the mobility revolution, including smart cities, C-ITS, and digital twin national land construction.

Finally, he said, "We caused inconvenience and hardship to the public due to failures in real estate policy," and added, "Together with passionate Ministry of Land officials, we will achieve housing stability and sow the seeds of future innovation."

Unlike other ministries, Minister Won held a live-streamed inauguration ceremony on YouTube to communicate with the public. As he emphasized in his inaugural address, this unconventional format demonstrated his commitment to becoming a ministry that communicates with citizens and leads change and innovation.

As a housing welfare measure for young generations, including youth with limited asset accumulation opportunities, Minister Won announced plans to supply 500,000 youth housing units at affordable prices in excellent locations. When asked about housing welfare plans for young people aiming to own homes, he said, "We will announce specific business models and target sites soon," adding, "We will launch loan products supporting 80% of the sale price and improve subscription systems by increasing youth subscription opportunities and implementing lotteries." He also mentioned plans to gradually expand youth monthly rent support, jeonse loans, and youth rental housing.

As emphasized in his inaugural speech, he pledged to establish demonstration special zones nationwide to ensure that the future mobility era becomes part of daily life within the new government's term. He explained, "We will set up demonstration special zones nationwide where companies can freely experiment with future mobility," adding, "Many existing regulations related to cars and passenger transport are designed around internal combustion engines, but we will comprehensively redesign these around mobility."

Furthermore, Minister Won stressed improving the metropolitan transportation system to minimize commuting time for residents of the Seoul metropolitan area. In this context, he referenced the drama My Liberation Diary, which depicts the hardships of Gyeonggi Province residents commuting to Seoul from the fictional city of 'Sinpo-si.'

Having watched My Liberation Diary, Minister Won said, "I empathize with those who endure two-hour commutes on metropolitan buses at Sadang Station or Yangjae Station." To address these commuting issues, he announced plans to introduce metropolitan buses and double-decker metropolitan electric buses in the short term. He emphasized, "In the mid to long term, bold investments are necessary to achieve a 30-minute commute era," and added, "We have announced pledges such as undergrounding the Gyeongbu Expressway, GTX, and metropolitan railway construction, and we will thoroughly prepare to ensure these proceed without setbacks."