[Editorial] Housing supply measures require a combined effort from public and private sectors to accelerate implementation.

The government is set to announce additional housing supply measures this week, marking the third such plan in the past year. The surge in apartment prices and monthly property taxes in the capital region has left many citizens feeling anxious. To instill confidence, the government must unveil an implementable roadmap. The plan includes expanding supply through mixed-use projects involving non-apartment buildings, public housing complexes, and construction zones.

Private sector project financing (PF) guarantees, along with reduced loan-to-value ratios for relocation subsidies and mortgage loans, are also being considered. President Jeoma Myung emphasized the need to move beyond outdated methods and think boldly about implementation. The urgency is evident, with apartment completions in Seoul decreasing by 58.4% compared to the same period last year and overall housing completions down by 52.1%.

The lingering impact of tight financing, high loan rates, and soaring construction costs continues to affect the construction industry. The biggest challenge lies in maintaining supply in the coming years. While apartment prices continue to rise, the long-term supply outlook remains uncertain. Citizens need predictability and assurance that prices will not spiral out of control.

To build trust, the government must make progress on visible projects like the three new megacities and six districts in the metro area that are already underway, shorten construction timelines for multi-unit and multi-family housing, and expand public rental housing. Support for private-sector supply efforts should be maximized, but financial guarantees and extended loan terms must not conflict with efforts to manage household debt and curb speculation.

Public housing expansion for low-income families is also non-negotiable. To achieve this, additional financial support for struggling public housing authorities will be necessary. While numbers like “millions of homes” are important, the real challenge is the government's ability to deliver on its promises.