KB News Desk
Land Minister Kim Yun-duk said Tuesday that the government would speed up the “new town” project to establish residential complexes in Gyeonggi Province and Incheon amid soaring housing prices.
“I will make everyone live without worrying about housing problems through a (rapidly developed) and sufficient housing supply,” Kim, who doubles as a ruling Democratic Party lawmaker, told the Land, Infrastructure and Transport Committee of the National Assembly.
Kim reiterated his earlier pledge in July to complete housing projects ahead of schedule, including those in Namyangju, Hanam, Goyang and Bucheon in Gyeonggi Province, as well as Gyeyang-gu in Incheon. Under Korea’s so-called new town project unveiled in 2018, some 170,000 houses are expected to be added in the Greater Seoul region.
Kim pledged to provide financial support to existing residents at the site to help them find a new place to live during the redevelopment projects, and allow rezoning of nonresidential areas to address the housing shortage.
He also played down concerns that redevelopment projects would face delays. President Lee Jae Myung, just before the tax code revisions targeting homeowners were announced, expressed doubts about the efficacy of urban redevelopment projects in housing supply in a policy debate in July.
The committee meeting came after the Lee administration tightened real estate regulations, lending curbs on home buyers and tax hikes on homeowners to tame housing prices in the Greater Seoul region. However, the moves prompted an overheating in the housing market, and Lee’s approval ratings dipped to the lowest since his inauguration in June 2025.
Some lawmakers, including Rep. Kim Mi-ae of the main opposition People Power Party, say heavier tax burdens on homeowners could immediately raise living costs for renters. Land Minister Kim assured he would “minimize impact on the market through phased implementation” of the tax code revision, and would work to increase available housing for affordable rent by next year.
Meanwhile, some ruling party lawmakers blamed Seoul Mayor Oh Se-hoon for the recent market disruption.
Rep. Kim Nam-geun of the Democratic Party of Korea said Oh failed to meet the capital city’s goal of housing supply in the past for years. Rep. Kim Jung-jae of the rival People Power Party countered that Oh’s liberal predecessor Park Won-soon revoked hundreds of housing redevelopment projects, and this has caused housing supply delays under Oh’s term.
Minister Kim said he has continued to arrange differences with Oh regarding housing supply in the capital city.
