LEE’S PLEDGE ON SUPPLYING HOUSES

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Turning to politics. Lee Jae-myung has announced his plans to supply a large number of houses. The ruling party presidential candidate promised to provide a total of over 3.1 million houses in Yongsan and Gimpo. The figure is up 600,000 from his initial plans announced during the party primary.

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Lee unveiled his housing supply plans, which he had multiple times touted as a generally unimaginable scale. In the latest announcement, the ruling party candidate promised to provide a total of 3.11 million new homes, which is up 610,000 from his initial plans announced during the party primary. He plans to supply 1.05 million more new homes in addition to the 2.06 million houses already proposed by the incumbent government.

[Soundbite] Lee Jae-myung(DP Pres. Candidate) : "There could be opinions that housing prices have dropped too much. But it is more important to provide homes at lower prices and help non-homeowners achieve their dreams."

According to Lee’s plans, most of the newly promised houses will be built in Seoul, Incheon and Gyeonggi-do Province. It appears that the ruling party candidate intends to win over voters disappointed at the current government’s housing policy failures with plans to supply a huge number of new homes. But the latest housing plans don’t include a previous proposal to relocate Gimpo Airport and develop the nearby area, after it ignited controversy even in the party. In the face of the internal opposition, Lee revised the proposal and decided to keep the airport intact. Instead, he plans to utilize state-owned land, such as the area around the airport and the returned lot of Yongsan Park. The ruling party candidate also vowed to supply public apartments at prices half the market value and set aside 30 percent of them for young people who have no homes. However, he seems unsure about if he will be able to achieve this massive supply of housing within his term if elected president.

[Soundbite] Lee Jae-myung(DP Pres. Candidate) : "It is likely that the current government’s plans cannot be completed within its term. Even the previous government’s projects have not been finished."

Some people also criticize that under his plans, 82 percent of the houses will be built only in the capital area. On Monday, Lee Jae-myung will continue campaigning in his political hometown of Gyeonggi-do Province.