|MOLIT’s Announcement about Housing Supply Measures (news.mtn.co.kr)|
In August, Korea suffered from one of the heaviest rainfalls in decades. There were losses of life and damage to property, including several basement dwellings. Therefore, on August 16th, the Yoon Suk-yeol administration announced the first housing supply measures of 2.7 million houses in five years, including measures for basement apartments. There are five standards for housing supply: an expansion of opportunities for owning a house, making the residential environment pleasant, shortening the time lag for available housing, restoring the housing ladder, and improving the quality of a house. The Ministry of Land, Infrastructure, and Transport (MOLIT) said they would loosen regulations for downtown development to expand housing opportunities. Also, a survey will be conducted to investigate the need for further maintenance in the capital area and megalopolis in October. To increase the speed of housing development, MOLIT will examine the designation of the “Housing Supply Promotion District.” The designated district will be provided with incentives, including financial support. MOLIT will decide whether to introduce the designation system in the first quarter of next year. In terms of houses vulnerable to disasters, such as basements, MOLIT has investigated the distribution area of the vulnerable houses since September. They will support flood prevention facilities and window guards or remodel the properties to turn them into public rental housing.
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