Lee Jae-myung: "If Greenbelt is lifted and houses are built, it will be like a 'Lotto'"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Lee Jae-myung, Governor of Gyeonggi Province, has expressed a de facto opposition to the government's and ruling party's consideration of lifting the development restriction zone (Greenbelt).

In a phone interview with Yonhap News on the 19th, Governor Lee said, "The method of expanding supply by damaging the Greenbelt needs to be reconsidered."

He pointed out, "According to the current price ceiling system for pre-sale, houses built by lifting the Greenbelt are likely to be priced much lower than the surrounding market price, making them a 'lottery ticket'." He added, "This will not control housing prices but will only cause a nationwide 'pre-sale frenzy'." He also emphasized that supply should be increased through urban redevelopment, raising floor area ratios, and developing new residential sites in Gyeonggi Province instead of lifting the Greenbelt.

Governor Lee is not the only one voicing opposition to supply expansion through lifting the Greenbelt. On the same morning, Prime Minister Chung Sye-kyun appeared on KBS1 TV's 'Sunday Diagnosis Live' and said, "Once the Greenbelt is damaged, it cannot be restored," calling for a cautious approach. Chu Mi-ae, Minister of Justice, who is also considered a strong candidate for the next Seoul mayor from the ruling party, stated on Facebook on the 18th, "The Greenbelt should not be lifted to turn Seoul and the metropolitan area into a speculative zone where money from all over the country floods in."

This content was produced with the assistance of AI translation services.