President Lee calls for faster housing supply and shorter approval timelines

President Lee Jae-myung called for faster housing supply at a Cabinet meeting on the 20th. He urged an accelerated supply effort, emphasizing that housing stability is a foundation for tangible improvements in people's lives.

Lee instructed officials to minimize the time required for residential land development, approvals and the start of construction, without being bound by established practices and procedures. He also called for efforts to quickly supply high-quality public rental housing for young people and the middle class through active fiscal management.

He cited accumulated supply uncertainty as the reason for the instructions. Lee said housing construction approvals had fallen sharply, particularly in Seoul, for about three years since 2022, while new residential land supply in new towns and elsewhere had been delayed, and said addressing property-market problems required consistent market management and rapid, large-scale housing supply.

Lee emphasized that actual construction starts and residents moving in are what matter in housing supply measures. His point was that efforts should go beyond declarations or announcements of how many homes would be built.