The commission will raise policy support for construction project financing to at least 47.8 trillion won from a planned 26.3 trillion won, Reuters reported.
At a joint briefing at the government complex in Seoul, the Ministry of Land, Infrastructure and Transport said it would push more than 230,000 additional homes into the Seoul metropolitan area by accelerating development on public land, lifting some greenbelt restrictions and backing private projects, according to Yonhap News Agency.
Chairing a meeting of senior secretaries at Cheong Wa Dae hours later, President Lee Jae Myung said the property bubble had reached a level that could no longer be left unchecked and called real estate a time bomb threatening household livelihoods and the country's future, Yonhap reported.
Permitting procedures should be compressed and land secured aggressively, he said, including by rewriting laws and regulations if necessary.
The FSC lifted its household debt growth target for the year to around 3% from 1.5%, a change Seoul Economic Daily reported will free up roughly 30 trillion won ($21.2 billion) in additional lending capacity in the second half.
