Presidential aide: 'Just build houses' to stabilize market

South Korea's Presidential Office policy chief Kim Yong-beom has called for an aggressive push to build more housing, stating that the government must prioritize construction to stabilize the real estate market. Speaking at a forum, Kim emphasized the urgency of the situation, declaring, "Just build houses."

Kim dismissed analyses suggesting that housing prices rise under progressive governments as "lazy observations." He argued that such claims fail to account for the complex interplay of factors, including significant supply shortages and periods of economic boom. Kim pointed to the years 2023 and 2024, when project financing issues and high interest rates severely hampered new housing supply, leading to a 30-40% reduction in construction. This, he explained, is now manifesting as a supply deficit meeting strong demand.

Addressing the need for increased supply, Kim urged cooperation with opposition parties to ease regulations that hinder development. He specifically mentioned the need to re-evaluate land use in areas like Yeongdeungpo and Guro, which have industrial zones that could potentially be repurposed for housing. Kim also indicated a willingness to explore tax reforms related to real estate, stating that while the goal is not solely to control prices through taxation, it remains a crucial topic. He assured that various opinions would be considered, including those from online communities, and public discussions would be held if necessary.