President Lee calls for all-out efforts to boost housing supply

President Lee Jae Myung on Tuesday stressed the need to cut the time required for administrative procedures in building homes, calling for all-out efforts to boost housing supply. The president made the call during a Cabinet meeting as runaway housing prices persist despite the government's efforts to cool the market. "Stable housing is the foundation for practical improvements in people's lives," Lee said, citing a decline in housing construction permits and the supply of new land for real estate development over the past three years as reasons for disruptions in housing supply. "In order to resolve the current problems in the real estate market, created by various factors that have accumulated over the years, consistent market management policies and large-scale housing supply measures should be implemented promptly," he added. Lee instructed officials to make all-out efforts to boost housing supply by cutting the time needed to prepare land for development and granting administrative permits for house construction as quickly as possible, "without being constrained by customary practic