'Real Estate Policy Sniper' Kim Hyun-ah, SH President Nominee, "Actively Support Public Redevelopment"

On the 27th Personnel Hearing: "Existing Urban Renewal Projects Are Necessary"
Regarding Controversy Over Multiple Home Ownership in Gangnam, "I Benefited from the Privileges of the Times"

[Image source=Yonhap News]

[Asia Economy Reporters Kim Hyemin and Im Onyu] Kim Hyun-ah, the nominee for president of Seoul Housing and Communities Corporation (SH), emphasized that she will actively support government-led public redevelopment and restore trust in public enterprises through strong anti-speculation measures.

Kim stated this on the morning of the 27th at the SH Corporation president confirmation hearing special committee held at the Seoul Metropolitan Council. Originally, the council planned to hold the confirmation hearing on the 19th, but postponed the schedule considering the elevation of social distancing to level 4 in the metropolitan area and the spread of COVID-19.

In her policy presentation before the Q&A session, Kim promised to strengthen support capabilities for redevelopment projects promoted by the government, including public redevelopment. Kim said, "In Seoul, where housing sites are depleted, redevelopment projects in existing urban areas are necessary to secure public housing stably," adding, "I will actively participate in the government's supply policy to contribute to citizens' housing stability."

She also pledged to restore trust in public enterprises that fell due to the Korea Land and Housing Corporation (LH) speculation scandal. Kim said, "We will implement strong anti-speculation measures for employees to secure citizens' trust." She added, "While cooperating and supporting Seoul city to solve housing and urban problems, I will continuously identify issues on the ground."

However, at the confirmation hearing where the Democratic Party held an absolute majority with 14 out of 15 members, Kim's ownership of multiple homes became controversial. Kim owns a total of four real estate properties: an apartment in Cheongdam-dong, Gangnam-gu, Seoul, a commercial building in Jamwon-dong, Seocho-gu, Seoul, an apartment in Bugok-dong, Geumjeong-gu, Busan, and an officetel in Jungang-dong, Jung-gu, Busan, jointly with her husband.

Regarding her ownership of housing in Gangnam, Kim said, "I believe I benefited from the privileges of the era," but added, "Now, those who bought houses face tax burdens, while those without houses suffer from a shortage of jeonse (long-term lease) supply and soaring prices. Most people are struggling because of housing, and especially recently, those who could not buy houses feel a strong sense of relative deprivation."

Concerns were also raised about Kim's 20-year tenure at the Korea Construction Industry Research Institute, a private organization established by construction companies.

Kim is an urban planning expert who earned bachelor's, master's, and doctoral degrees in urban planning from Gachon University. She entered politics by being elected as a proportional representative for the Saenuri Party in the 20th general election. Until April, she served as an emergency committee member of the People Power Party. She is credited with contributing to Mayor Oh's victory by overseeing the pledge management during the April 7 by-election.

Kim is also known as a prominent critic of the Moon Jae-in administration's real estate policies. She sharply criticized the government's new lease protection law and other measures, arguing they caused the housing supply shortage. She called the administration a "three no (無)" regime?ignoring the market, ignorant of market functions, and incompetent in policy?and confronted former Minister of Land, Infrastructure and Transport Kim Hyun-mi.

The SH Corporation presidency has been vacant for three months. If Kim is finally appointed, real estate policies promised by Mayor Oh, such as long-term rental housing and various redevelopment projects, are expected to gain momentum. Mayor Oh can appoint Kim as SH president regardless of the city council's opinion. According to the agreement related to the confirmation hearing between the city and the council, the council's confirmation results do not bind the mayor's appointment authority. The term of the SH Corporation president is three years.

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