Vice minister pledges 1.19 million public homes by 2030, shift to regional housing support

"I hope you leave today with your assets better balanced — and your worries a little lighter."

Kim I-tak, vice minister of Land, Infrastructure and Transport, delivered those remarks Friday at Herald Money Festa, held at Dongdaemun Design Plaza (DDP) in Dongdaemun-gu, Seoul, under the theme "Money Rebalancing: Recalibrating the Weight of Your Assets." Now in its third year, the event is organized by The Herald Business and The Korea Herald, bringing together the country's leading personal finance experts.

"Asset management is closely tied to our lives — from saving up seed money in your youth, to buying your first home, to preparing for retirement," Kim said. "Housing in particular is not only a key asset but the foundation of daily family life. Residential stability is what allows people to build plans for the future, step by step."

Kim said campaign pledges on housing finance first emerged under President Kim Dae-jung, and added that the sector had grown remarkably in the three decades since.

He said the government had announced a "residential stability plan" to supply 1.19 million public housing units by 2030, and pledged to shift toward a regionally tailored support system that takes local conditions into account.

Kim also outlined plans to boost housing supply through closer collaboration with the Seoul Metropolitan Government. "Shifting to a regionally centered residential welfare system requires cooperation between the central and local governments," he said. "We will work closely with Seoul to ensure housing can be supplied quickly where people want to live."

He went on to say the ministry would do its utmost to ease the housing burden on young people and newlyweds and create an environment where they can find homes with peace of mind.

Booths operated by Korea Land and Housing Corporation (LH) and Korea Housing and Urban Guarantee Corporation (HUG) were also set up at the venue. Kim said the event included sessions introducing urban renewal projects in the greater Seoul area — including private-sector participation schemes — as well as the jeonse and monthly rent trust program. "I encourage you to ask questions directly about home buying and jeonse and monthly rent contracts, and to take away the information you need," he said.

"Policies and systems only work in people's lives when they know about them and use them," Kim added. He expressed hope that Friday's consultations and lectures would help attendees turn vague worries into concrete plans.