Democratic Party holds first meeting for housing stabilization TF, plans to increase non-apartment supply and introduce modular methods

South Korea's Democratic Party has initiated a task force focused on stabilizing the housing market, with an initial meeting emphasizing the need to boost the supply of non-apartment housing and implement modular construction techniques. The party aims to address concerns over rising rents and housing shortages, particularly in Seoul, ahead of anticipated government announcements on housing supply and financial measures.

Han Byung-do, the party's acting leader and floor leader, stressed the importance of "speedy execution that the public can feel" and pledged to "innovatively shorten the speed of housing supply" and prepare short-term measures for early rental market stabilization. The task force, led by Policy Committee Chairwoman Han Jeong-ae, discussed specific plans to increase the supply of urban living facilities and officetels, which can be built faster than traditional apartments.

"There is a continued supply bottleneck in the Seoul housing market, and the instability of the 전월세 (jeonse and monthly rent) market is growing due to supply shortages," Han Jeong-ae stated. She advocated for "institutional improvements to increase the supply of non-apartments such as urban living facilities and officetels, and bold increases in supply speed through the introduction of modular methods." Modular construction, where significant portions of a building are prefabricated off-site, can reduce construction time by up to 30%.

The Democratic Party also committed to resolving legislative blockages in the National Assembly, particularly for bills related to urban regeneration and public housing that have been stalled. "We will do whatever it takes to ensure they are processed in August," Han Jeong-ae promised. While the government's recent tax reform package was not formally discussed, some lawmakers expressed caution. Rep. Kim Young-bae noted that concerns from Seoul citizens, including potential tax benefit reductions for single-home owners and the voices of young people, were conveyed. Rep. Lee Hae-sik added that individual opinions on tax reform were shared, while Rep. Ahn Tae-joon urged that policies must be "tangible and felt by the public."