Noh Hyung-wook "Close Cooperation with Seoul City... Private Projects Cause Various Issues"

Revealed in Personnel Hearing Response Submitted to the National Assembly
Negative Stance on Private-Led Reconstruction and Redevelopment Revitalization

[Image source=Yonhap News]

[Asia Economy Reporter Jo Gang-wook] Nominee for Minister of Land, Infrastructure and Transport, Noh Hyung-wook (photo), stated that he will closely cooperate with Seoul Mayor Oh Se-hoon to steadily implement the 2·4 housing plan.

However, regarding Mayor Oh’s plan to revitalize private redevelopment and reconstruction, he expressed opposition, saying, "Private projects have caused various problems, including market instability."

On the 2nd, in response to a question from Democratic Party lawmaker Park Sang-hyuk about concerns that the 2·4 plan’s implementation might be disrupted due to Mayor Oh’s election, Noh stated this in his written answers submitted to the National Assembly for the confirmation hearing.

He said, "The recent housing supply plan promoted by Seoul City has not significantly deviated from the existing policy direction of expanding supply within the city center, and the 2·4 plan model is a method that can complement private development to expand supply in the city center, so close cooperation with Seoul City is fully possible."

He added, "If I assume office as Minister of Land, Infrastructure and Transport, I will closely cooperate with Seoul City to establish a foundation for market stability and faithfully carry out the supply plan."

However, Noh showed a cautious attitude toward Mayor Oh’s claims regarding reconstruction safety inspections and floor area ratio relaxation.

He stated, "Redevelopment and reconstruction are necessary to supply quality housing in prime locations within the city center and to improve residential environments such as renovating old housing, but private projects may stimulate surrounding housing prices, causing instability in the overall real estate market, and there is a concern that development profits from deregulation may excessively accrue to existing landowners."

He also expressed a negative stance on Mayor Oh’s plan to revitalize private-led reconstruction and redevelopment.

Noh evaluated, "Private-led redevelopment and reconstruction projects have played an important role as a means of housing supply in the city center, but they have also caused various social problems such as real estate market instability due to excessive development profits enjoyed by landowners, long-term project delays due to conflicts among association members, and internal corruption within associations."

He added, "The government has introduced various forms of public redevelopment projects as alternatives to private-led maintenance projects. If I assume office as minister, I will strive to harmoniously promote private-led and public-led redevelopment and reconstruction projects to solve the housing supply problem in the city center."

Regarding calls for the government to revise real estate policies after the April 7 by-elections, Noh emphasized, "We plan to consistently pursue the policy goals of blocking speculative demand, protecting actual demanders, and expanding housing welfare for low-income households without a home."

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