Won Hee-ryong "Supply up to 2.5 million houses nationwide during term"

Abolition of Reconstruction Age and Redevelopment Deterioration Standards

Former Jeju Governor and People Power Party presidential candidate Won Hee-ryong is announcing the national chance No. 7 pledge, the 'Housing Supply Plan,' at the National Assembly Communication Office in Yeouido, Seoul, on the 10th. [Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Won Hee-ryong, former governor of Jeju Province and presidential candidate of the People Power Party, has promised to supply up to 2.5 million housing units nationwide during his term. He plans to expand the housing supply by abolishing reconstruction age limits and redevelopment aging criteria.

On the morning of the 10th, Won held a press conference at the National Assembly and said, "The biggest cause of the surge in real estate prices and jeonse prices under the Moon Jae-in administration is the shortage of supply," adding, "The government must continuously supply housing where people want to live."

Earlier, on the 17th of last month, Won announced a plan through the 'Housing National Chance No. 2 Pledge' to abolish the safety inspection standards that block apartment reconstruction and the reconstruction age limits. He also pledged to abolish the redevelopment aging criteria of 'two-thirds of buildings over 30 years old and more than 60% of total floor area.'

On that day, he stated, "If the 'reconstruction safety inspection standards' and 'reconstruction age limits' announced as the National Chance No. 3 Pledge are abolished, a revolutionary increase in supply will be possible," and added, "We will supply 300,000 housing units in the metropolitan area and 500,000 units nationwide through reconstruction."

He also said that 250,000 units in the metropolitan area and 500,000 units nationwide would be supplied through redevelopment. Won explained, "Currently, the redevelopment projects nationwide blocked by the Moon Jae-in administration amount to about 300,000 units," and added, "If the 'redevelopment aging criteria' I pledged to abolish are removed, sufficient supply can be secured."

He continued, "We will develop the 3rd phase new towns and large-scale public land sites promised by the government without delay to supply 1.25 million units," and said, "If the supply expansion measures are fully implemented, an average of about 250,000 units per year can be supplied on public land."

Won also presented measures to expand housing supply in local areas. He emphasized, "While housing supply centered on the metropolitan area is important for real estate stability, we must also prevent the collapse of local areas caused by the concentration in the metropolitan area," and added, "We will discover new sites centered on Sejong City, innovation cities, and local hub cities to supply 250,000 units needed for local housing demand."

He further explained, "Of course, all projects will be carried out while closely monitoring progress and regional impacts, adjusting the pace of supply accordingly."

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