住宅價格安定을 위한 財源調達에 關한 硏究

Abstract

Since industrialization, there have been no other problems than urbanization to be solved first. Urbanization has caused traffic and housing problems, and although the government has endeavored to solve these two-fold problems, they have still to be solved. The purpose of this study was to find the ways to procure the financial resources for stabilization of housing prices. In order to solve the housing problem, it is essential to strike a balance between demands and supplies appropriately in the regions requiring more houses. Namely, the houses should be supplied as much as the population increases in the region. Financial resources are required to supply houses, and there are two methods of procuring the financial resources. One is that the consumers assume the financial burden according to the principle of market economy focused on demands and supplies, and the other is that rental houses are supplied to the lower-income people. The former method dictates the housing supplies to effective consumers, and so, the housing problem should simply be solved according to the principle of demands and supplies. In the latter case, however, the housing problem cannot be solved according to the principle of demands and supplies because the consumers cannot afford to assume the financial burden. Accordingly, financial supports from the government or participation of the private capitals need to be considered. The methods of solving the housing problem differ among nations. Each nation has her own idea and system to solve her housing problem. Major advanced nations solve the housing problem of lower-income class by supplying long-term rental houses or subsidizing the rentals. In addition, roles are clearly divided between central and local governments in the process of implementation of policies. And they do not limit the housing subsidies to lower-class people as in Korea but supply quality houses to every walk of life, implementing the society-friendly rental housing policies. Since the private rental houses target the middle-class people in most cases, tax incentives and mortgage system are operated appropriately under the market economy system. In Korea, however, the long-term middle-size rental houses are not supplied, because the supports of site development, tax and finance are concentrated on small-size rental houses. Thus, the rental houses are perceived as small-size and inferior houses, and therefore, the middle-class people willing to pay relatively higher rentals cannot but turn their back to the rental houses. After all, the rental housing projects have suffered from lower profitability, while the markets for rental houses have been overheated. In order to solve such problems, it is deemed necessary to provide the middle-class people with diverse options for houses, and construct the middle-size rental houses in order to change the perception of houses from means of increasing assets to the living space. In addition, in view of changes of population, it is apparent that the population in the capital areas increases more than in Seoul and other regions. Nevertheless, it is not correct to think that more houses are required in the capital area than in Seoul. Although the population in the capital areas increases more, the population moving from Seoul to the capital areas is smaller than that commuting from the capital areas to Seoul, because many people have moved from Seoul to the capital areas due to higher housing prices in Seoul. The population in Seoul and capital areas accounted for 48.2% of nation's entire population in 2005, and this ratio is expected to rise to 49.8% in 2010 and 54.1% in 2030. In consideration of such concentration of the population in Seoul and capital areas, the housing prices in Seoul and capital areas would more rise due to shortage of houses unless more houses should be supplied in these areas. On the other hand, the national pension fund has been invested concentratingly in such financial sectors as savings, bonds and stocks. Savings and bonds are more stable, but less profitable. In contrast, stocks are more profitable, but they might turn into waste paper. Namely, the risk of investment in stocks is high that much. In order to manage such a risk and generate stable profits, it is required of the national pension fund to own the real estates as parts of their assets and thereby, issue the bonds secured on the real estates and thus, invest the fund from the bonds in construction of rental houses. Then, the inventory of the rental houses would increase enough to play a buffering role against fluctuating housing prices. To this end, it is necessary to designate the national pension fund as rental housing constructor like local autonomous administrations or Korea National Housing Corporation. In addition, it is also necessary to encourage private capitals to participate in rental housing construction as in SOC by assuring them of profitability and safety in consideration of the reality that the financial resources for rental houses cannot all be procured by government and public organizations.