Members of the National Assembly's Land, Infrastructure and Transport Committee, officials from the Ministry of Land, Infrastructure and Transport, housing construction industry representatives and academic experts are set to convene to address housing supply shortfalls and residential instability.
Democratic Party of Korea lawmakers Bok Ki-wang (South Chungcheong Province's Asan A constituency) and Kim Nam-geun (Seoul's Seongbuk B constituency) announced Sunday they will co-host a forum titled "Expanding Private Rental Housing Supply and Residential Stability" at 2 p.m. Wednesday in Seminar Room 3 of the National Assembly Members' Office Building.
The forum is designed to assess the current state of the shrinking rental housing market and discuss measures to expand private rental supply and ease regulations.
According to industry data, South Korea had about 1.97 million units of public rental housing as of last year, accounting for roughly 8.6 percent of total housing stock. Given longstanding concerns that public efforts alone face clear limits in sustaining a stable rental supply, the forum is expected to produce concrete proposals for addressing the sector's mounting challenges.
The event marks the second policy forum on revitalizing private rental housing supply hosted by Bok, who is set to continue as the Democratic Party's floor whip on the Land, Infrastructure and Transport Committee in the second half of the Assembly term. Organizers expect the forum to add further momentum to meaningful institutional reform.
"There are clear limits to what the public sector can achieve alone in securing stable and safe homes for the people," Bok said. "We must now open the floodgates for private supply through forward-looking policy flexibility — easing excessive regulations, improving conditions for extending the status of rental business operators, and allowing early pre-sale conversion."
Co-host Kim said the private sector supplies the vast majority of rental housing in South Korea, making the role of private rental operators critical to maintaining a stable rental market. "We will broaden social consensus by carefully weighing the diverse interests and policy effects surrounding key issues such as the registered rental operator system and early pre-sale conversion," he said.
Lee Sang-young, a professor at Myongji University, will chair the forum. The opening presentation will be delivered by Kim Deok-rye, head of the housing research division at the Korea Housing Industry Research Institute, on ways to expand private rental housing supply for residential stability. A panel discussion will follow, with Han Seong-su, director general for residential welfare policy at the Ministry of Land, Infrastructure and Transport, joining industry, academic and media representatives to explore workable alternatives. The Korea Housing Builders Association and the Korea Housing Association are co-organizing the event.
bigroot@heraldcorp.com
