Hong Ji-sun, the nominee for Minister of Land, Infrastructure and Transport, has proposed 'rapid supply' as a solution for stabilizing the housing market. She indicated that the decision on whether to extend the land transaction permit zones in Seoul and Gyeonggi Province, set to expire at the end of this year, will be made based on market conditions. She also expressed her willingness to explore the possibility of supplying housing for youth and future generations on the Yongsan Park site.
During her confirmation hearing at the National Assembly on September 16, Hong stated, "I will achieve housing stability that the public can feel," adding, "I will swiftly promote housing supply until the market feels sufficiently supplied in the areas desired by the public."
Hong emphasized that her focus will not only be on increasing supply but also on reducing the time it takes for residents to move in. Drawing from her experience working in local governments, she said, "I will enhance policy implementation by resolving on-site challenges such as delays in permits and approvals."
When asked by Kim Eun-hye, a member of the ruling People Power Party, to evaluate the current government's real estate policies, Hong responded that it is too early to assess the effects of the policies since their impact does not manifest immediately. She explained that housing policies need to be pursued steadily over the medium to long term. Hong remarked, "Policies must have predictability and consistency to ensure their effectiveness over time."
Regarding the potential extension of the land transaction permit zones, which were designated last year under the October 15 measures, Hong took a cautious stance. The government had designated all of Seoul and 12 areas in Gyeonggi Province as land transaction permit zones until the end of this year.
In response to Kim Jung-jae, another member of the People Power Party, who pointed out that the implementation of the land transaction permit system has led to reduced transaction volumes and rising prices, Hong acknowledged, "Every policy has its pros and cons," and assured that she would closely monitor the situation.
Hong also left open the possibility of supplying housing on some of the returned Yongsan Park land, which is being considered as a candidate site for urban development. However, she stressed the need to preserve the core areas of the park and indicated that public discourse and opinion gathering would be necessary before any legislative procedures. She noted that amending the Yongsan Park Special Act, which defines the nature of the returned land, would be required.
On the topic of the returned U.S. military base land in Yongsan, she reiterated that "the principle is to turn it into a park," but added that while no specific development plans have been established, she would assess the potential for housing supply for youth and future generations in the surrounding areas.
Hong expressed agreement with the need to connect the 5th and 3rd special metropolitan transportation networks with local city and village transportation systems. However, she showed reluctance to support a request to include the extension of the GTX-B line to Chuncheon in the 5th National Railway Network Construction Plan, stating, "Currently, all GTX A, B, and C lines are facing complaints from local governments," and that it would be difficult to address the B line separately. She pledged to discuss solutions with local governments and financial authorities to enhance mobility for vulnerable populations and residents in underserved areas, while also planning to reduce the public's transportation costs by expanding benefits from the 'Everyone's Card.'
Hong committed to expediting the second relocation of public institutions, describing balanced development as a "matter of national survival." She expressed her intention to support mega-projects to establish advanced industrial hubs in regions and to develop the administrative capital and Saemangeum as key regional centers.
In terms of safety policies in construction and transportation, she emphasized a focus on prevention rather than post-accident recovery. She plans to establish a safety management system centered on prevention by identifying risks on-site and ensuring that delivery, transportation, and construction workers are treated fairly in a safe environment.
Meanwhile, in response to concerns that her purchase of an apartment worth 1.05 billion won, financed by loans and family borrowings totaling 537 million won, was a speculative investment, Hong stressed that she bought the property for actual residence after living in five rental homes. She stated, "The most challenging aspect of renting was having to move every 2 to 4 years due to circumstances beyond my control," adding that the costs incurred from moving and brokerage fees were substantial.
She continued, "After four years, when the lease renewal contract ended, I had no choice but to move again, and at that time, nearby rental prices exceeded 900 million won. I could have purchased a home for around 1 billion won just a little further out, and since I would need to take out a loan for a rental anyway, I decided to borrow a bit more to buy a home."
* This article has been translated by AI.
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