Due to Flood Damage in the Seoul Metropolitan Area... Ministry of Land, Infrastructure and Transport Temporarily Delays Announcement of "2.5 Million+ Housing Supply Plan"

Minister Won Hee-ryong Focuses on Response to Intensive Public Support

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] The government has temporarily postponed the announcement of the '2.5 million homes +a' supply plan scheduled for the 9th.

The Ministry of Land, Infrastructure and Transport announced through an emergency text message early on the 9th, "To respond to the heavy rain situation, all schedules including the briefing on the 2.5 million +a housing supply plan scheduled for the 9th are temporarily postponed," and added, "We will notify again later."

Originally, the Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance, and related ministries planned to hold the 2nd Real Estate Ministers' Meeting on the day to reveal a detailed roadmap for supplying 2.5 million homes, a campaign pledge of President Yoon Seok-yeol. The announcement was expected to include measures to revitalize reconstruction and redevelopment, expand urban housing supply through easing the reconstruction surplus profit recovery system, and plans to supply cost-price housing for youth and first homes near subway stations.

However, as heavy rain centered on Seoul and the central region continued from the previous day, causing flooding damage in many areas and spreading rain damage, the announcement was postponed to focus on response efforts.

Minister of Land, Infrastructure and Transport Won Hee-ryong received reports at 1 a.m. on the rain-related damage situation, recovery status, and traffic conditions, urging thorough response to minimize public inconvenience and ensure safety.

He said, "I ask that thorough safety management be carried out in all sectors such as roads, railways, and aviation to minimize public inconvenience caused by heavy rain and prevent safety accidents."