Jeon Hyun-hee, a member of the Democratic Party, proposed a bill on September 21 to expand leasehold housing and stabilize housing for young people and low-income citizens.
During a press conference at the National Assembly, Jeon explained, "In South Korea, a home is no longer just a living space. For young people, it represents the future; for newlyweds, it is tied to marriage and childbirth; and for low-income citizens, it is a lifelong challenge."
The proposed amendment focuses on expanding leasehold housing, a model where the public retains ownership of the land while providing buildings to citizens, thereby reducing the burden of land costs. Jeon stated that this approach could allow for the sale of 30-pyeong apartments in the Gangnam area for around 30 million won.
"We must now consider how to supply homes that citizens can 'afford,'" Jeon asserted, emphasizing the need to develop leasehold housing policies as a national housing strategy rather than limiting them to specific regions.
The amendment also includes plans to expand the 'Youth Yunsul' public rental housing program by actively utilizing land near transportation hubs and public sites. Jeon noted, "There are limits to public institutions and local governments bearing all the costs of land and construction. We need to create a virtuous cycle in housing policy where the public provides land, the state supports it through the housing and urban fund, and public institutions construct the homes."
Additionally, Jeon suggested that the supply of public housing should be continuously increased through the reconstruction of aging public housing, the utilization of land near transportation hubs and public sites, and enhancing public contributions during redevelopment and reconstruction processes.
"We should not just sell public land once and be done with it; we need to protect public land while supplying housing and reinvest that public value into ensuring housing stability for citizens," Jeon concluded.
During a press conference at the National Assembly, Jeon explained, "In South Korea, a home is no longer just a living space. For young people, it represents the future; for newlyweds, it is tied to marriage and childbirth; and for low-income citizens, it is a lifelong challenge."
The proposed amendment focuses on expanding leasehold housing, a model where the public retains ownership of the land while providing buildings to citizens, thereby reducing the burden of land costs. Jeon stated that this approach could allow for the sale of 30-pyeong apartments in the Gangnam area for around 30 million won.
"We must now consider how to supply homes that citizens can 'afford,'" Jeon asserted, emphasizing the need to develop leasehold housing policies as a national housing strategy rather than limiting them to specific regions.
The amendment also includes plans to expand the 'Youth Yunsul' public rental housing program by actively utilizing land near transportation hubs and public sites. Jeon noted, "There are limits to public institutions and local governments bearing all the costs of land and construction. We need to create a virtuous cycle in housing policy where the public provides land, the state supports it through the housing and urban fund, and public institutions construct the homes."
Additionally, Jeon suggested that the supply of public housing should be continuously increased through the reconstruction of aging public housing, the utilization of land near transportation hubs and public sites, and enhancing public contributions during redevelopment and reconstruction processes.
"We should not just sell public land once and be done with it; we need to protect public land while supplying housing and reinvest that public value into ensuring housing stability for citizens," Jeon concluded.
* This article has been translated by AI.
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