(Yonhap Interview) Land minister vows stable supply of homes to stabilize prices

Land Minister Park Sang-woo has said the government will ensure a stable supply of new homes to stabilize prices and its new housing supply plan in greenbelt zones in the capital area will be carried out after consultations with local stakeholders. The government announced last week that it plans to announce new residential land sites capable of supplying a total of 80,000 housing units in the capital region by lifting greenbelt restrictions. "The primary focus was to clearly demonstrate to the market our commitment to continuously and stably supply housing, which is the most fundamental part of any government housing policy," Park said in an interview with Yonhap News Agency held Friday in Seoul. The move to boost home supplies came as housing prices, particularly apartment prices, have been rising at a fast clip in Seoul and the adjacent regions recently due to short supplies, real estate project financing issues and the aftermath of home rental scams that mostly affected non-apartment homes. Greenbelt zones in Seoul have not been lifted on a large scale since the Lee Myung-bak administration lifted part of the previously restricted zones in southern Seoul from 2009 to 2012. On Friday, Seoul Mayor Oh Se-hoon said the city will cooperate with the central government's plan of lifting greenbelt zones in the capital area. "The plan to supply new housing or pursue development in greenbelt areas is facing protests from civic groups, such as the Citizens' Coalition for Economic Justice, and local residents are likely to oppose it as well. This issue requires social consensus to move forward," Park said. The minister said the government as of now has "expressed its determination" to supply new homes in greenbelt zones. He stressed that the process "must go through various stages of social consensus building." Park also stressed the need to increase home supply for the future generation. Rising home prices are often cited as key factors in decisions by more and more young people to remain single and not get marr ied. "Our society has many issues to solve, such as the low birth rate and people's decision to remain single, but I think the housing crisis is a key factor in those issues," the minister said. The minister also argued that people often have misconceived notions of greenbelt zones. "Many people might imagine that greenbelt areas are well-maintained green spaces. However, in reality, many of these areas are often neglected and occupied by vinyl houses," Park said. Park said he believes that instead of leaving these areas neglected, properly developing and managing them could actually be more beneficial for the environment. Source: Yonhap News Agency