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🇰🇷 South Korea /Elections & Politics

New LH President Vows to Prioritize Quality Public Housing for Youth

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources New plan
  • Lee Seong-hoon has been inaugurated as the new president of the Korea Land and Housing Corporation (LH), vowing to prioritize public housing.
  • He aims to supply high-quality public rental housing in desirable locations and expand mid-sized units, making them a preferred choice for citizens.
  • Lee also outlined plans to accelerate housing supply, innovate public housing quality, support balanced regional development, and enhance ESG management.

Lee Seong-hoon officially took the helm as the seventh president of the Korea Land and Housing Corporation (LH) on June 6th, declaring his commitment to transforming housing into a public good rather than a speculative asset. During his inauguration ceremony at LH headquarters in Jinju, Lee emphasized that housing should be affordable and accessible to all citizens.

Housing should be a public good that supports life, not a target for speculation, and should be at a level affordable for the people.

— Lee Seong-hoonDuring his inauguration speech, outlining his vision for housing policy.

"Public rental housing should no longer be a last resort, but a home that people actively seek out," Lee stated. He outlined a vision to prioritize public rental housing in prime locations, such as areas near public transport hubs, and to increase the availability of mid-sized apartments. He also pledged to collaborate with private developers to enhance the quality and appeal of these public offerings.

Lee identified five key priorities for LH under his leadership: accelerating housing supply, innovating the quality and location of public housing, supporting balanced regional development, embracing AI and ESG management, and ensuring safety as the top priority. He stressed the urgency of reducing the time citizens wait for housing by streamlining processes from permits and compensation to construction.

Public rental housing should no longer be a 'choice of last resort,' but a home that people actively seek out.

— Lee Seong-hoonExpressing his goal to improve the quality and desirability of public rental housing.

To achieve this, LH plans to boost housing supply through initiatives like urban regeneration projects, public redevelopment projects, utilizing idle land, and expanding the acquisition of new and existing rental properties. Lee also committed to supporting the government's major industrial projects, including semiconductor facilities, physical AI, and AI data centers, by rapidly developing world-class industrial complexes and adjacent residential areas with comprehensive amenities. Furthermore, he pledged to support the early completion of Sejong City as the administrative capital by developing the national symbol district and facilitating the second phase of public institution relocation.

Reducing the time citizens wait for housing by even one day is an important duty of LH.

— Lee Seong-hoonHighlighting his commitment to accelerating the housing supply process.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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