Housing Policy of Korea: Old Paradigm, New Approach

Housing Policy of Korea: Old Paradigm, New Approach
Kang, Younguck
Housing Policy; Rent-based Housing Units; Cheonsei
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Series/Report no.
KDI Working Paper Series;10-13
Ever since the early stage of economic development, the housing policies of the Korean government have focused mainly on promoting ownership of residential unit. Accordingly, some form of price ceiling policies combined with lottery-based allocation of housing unit have been the bedrock of such, periodically taking forms of establishing satellite bed-towns around the major Metropolitan area. However, many of the developed countries have adopted housing policies that have focused more on facilitating rent-based residential housing units, further moving away from public project housing to housing vouchers to promote consumer choice. The aim of this study is to take a critical look at the past housing policies and housing market institutions of Korea that have contributed to the perceived problem of the current housing price bubbles, and to propose a major shift in housing policy focus away from promoting ownership and towards encouraging rent-based residents by establishing market institutions that would promote creation of rent-based real estate private businesses.
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