Hong Ji-sun Advocates for Long-Term Private Rentals to Support Youth and Newlyweds

Hong Ji-sun, the Minister of Land, Infrastructure and Transport, announced plans to promote long-term private rentals and the supply of small non-apartment units in response to the increasing trend of converting jeonse (key money deposits) to monthly rent and rising rental costs. She also stated that additional support measures for youth and newlywed couples will be explored.

During a comprehensive audit at the National Assembly's Land, Infrastructure and Transport Committee on the 23rd, Minister Hong responded to concerns raised by Shin Seong-beom, a member of the ruling People Power Party, regarding the rise in monthly rental transactions and housing cost burdens. "We are pursuing various supply promotion measures, including small non-apartment units, purchase rentals, and the activation of long-term private rentals," she said.

She added, "We are preparing various tax benefits for low-income households and support for youth monthly rent. In particular, we will continue to explore other support measures to help young people and newlyweds establish a stable housing foundation."

Regarding the housing market outlook, Minister Hong noted that the rate of price increases is slowing. In response to a question from Um Tae-young, another member of the People Power Party, she stated, "The rate of increase is currently slowing, and we expect the market to stabilize as interest rates are projected to rise by the end of the year."

On the issue of missing rebar in the construction of the GTX-A Samsung Station, she explained that the verification of reinforcement methods is in the final stages. "Can we simply accept the construction method proposed by the Seoul City?" she asked, adding that they are conducting experiments to determine whether it can withstand the load, as there are no previous cases applied in other projects.

She indicated that results would be available in November or December and emphasized that they would verify various construction methods before making a selection. "The safety of citizens is paramount; I do not believe that speeding up the opening is more important," she concluded.