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New housing supply plan

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Regaining market confidence key to success

The Moon Jae-in administration has come up with a new anti-speculative housing package aimed at building 132,000 homes in Seoul and its surrounding areas. One of the key measures is to ease restrictions on the reconstruction of aging apartment buildings to increase the home supply.

We positively assess the package, the 23rd of its kind under the Moon government, although it came belatedly. The reason is that the administration has shifted its policy from suppressing demand to expanding supply. It has so far failed to bring skyrocketing real estate prices under control apparently because it focused on raising property-related taxes and tightening mortgage ceilings.

Those restrictive measures have only backfired as people keep rushing to buy real estate to seek........

© The Korea Times

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