Kim Jin-ae: "Byun Chang-heum's Real Estate Measures Pose Very High Risk of 'MB New Town Frenzy'"

Seoul Mayoral Candidate Kim Jin-ae at May 5 Press Conference: "Local Governments' Discretion Should Be Prioritized Over Special Legislation"
"Public Role Is Important but Should Not Be Excessive... Side Effects Must Be Minimized"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] Kim Jin-ae, floor leader of the Open Democratic Party who declared her candidacy for the Seoul mayoral by-election, emphasized that Minister of Land, Infrastructure and Transport Byeon Chang-heum's real estate measures should focus more on empowering local governments' discretion rather than on enacting a 'special law.'

On the morning of the 5th, Floor Leader Kim held a press conference at the National Assembly and stated, "The special law being promoted by the Ministry of Land is highly likely to trigger a New Town frenzy similar to the one during the MB administration," adding, "The system should be designed to trust the project management authority and discretion of local government heads." Minister Byeon had previously said during his confirmation hearing last year that "if the National Assembly enacts a special law, public self-owned housing can be supplied at 60% or half of the market price." He plans to announce related policies before the Lunar New Year.

Regarding the development policy around transit stations, Floor Leader Kim said, "Some within the Ministry of Land are even saying that land will be expropriated to proceed with public development to prevent land price increases," emphasizing, "While the public role is very important, it should not be excessive. Sequential implementation of rights such as land-use change, district designation, permits, financial support, project review, and public housing purchase is necessary to minimize side effects of transit station area development and achieve public objectives."

Concerning her own Seoul mayoral by-election pledge, 'Transit Station Midtown,' she stated, "We will never pursue bulldozer-style development as in the past," adding, "The public sector will promote and support, conducting pilot projects to stimulate private sector vitality." She further emphasized, "We must nurture a healthy real estate ecosystem rather than fueling a real estate bubble," and declared, "Kim Jin-ae will take the lead in implementing proper housing policies and progressive urban policies in Seoul."

Meanwhile, Floor Leader Kim holds a Ph.D. in urban planning from MIT and served as chairman of the Architecture and Culture Advancement Committee during the Participatory Government. At her press conference announcing her candidacy for the Seoul mayoral by-election, she pledged to become "the first Seoul mayor with an urban specialist background," proposing ▲ promotion of midtowns near workplaces in over 300 transit station areas in Seoul ▲ support for redevelopment and reconstruction that enhances public interest.

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