President Lee Calls for Accelerated Housing Supply Efforts

President Lee Jae-myung directed officials on October 20 to expedite the housing supply process, stating, "Do not be bound by existing practices and procedures; shorten the time required for land development, permits, and construction as much as possible to launch a full-scale supply effort."

During a Cabinet meeting held at the Blue House, President Lee emphasized that "housing stability is a key foundation for the practical improvement of citizens' lives."

He noted that since 2022, there has been a significant decline in housing construction permits, particularly in Seoul, and delays in new land supply for new towns have led to persistent supply instability.

"To resolve the current real estate issues, which are the result of various accumulated factors, consistent market management policies and rapid large-scale housing supply are essential," he stressed.

President Lee particularly highlighted the importance of actual construction and occupancy over mere announcements of supply quantities. He stated, "What matters is not just declarations about how many units will be built, but the actual start of construction and occupancy," urging for a reduction in timelines across the entire supply process.

Regarding public housing supply for youth and the middle class, he said, "We must pay special attention to the rapid provision of high-quality public rental housing through proactive financial management."

He mentioned Incheon Gyeyang, where the first occupancy of the third new town is set to begin in December, urging that other new towns should also accelerate their housing supply efforts. He concluded by stating, "The success of our administration hinges on achieving housing stability that citizens can feel, so I ask for comprehensive efforts in this regard."

After the Cabinet meeting, President Lee visited Block A3 of the Incheon Gyeyang public housing district to inspect the supply site and held a meeting with prospective residents and experts.