Yoon Seok-yeol Visits Gangbuk: "Will Significantly Ease Redevelopment and Reconstruction Regulations"

Seoul Mayor Oh Se-hoon Visits Mia 4-1 Housing Reconstruction Maintenance Zone

Yoon Seok-yeol, the presidential candidate of the People Power Party, visited the Mia 4-1 housing reconstruction maintenance zone in Mia-dong, Gangbuk-gu, Seoul, on the afternoon of the 13th, and toured the site together with Seoul Mayor Oh Se-hoon. (Photo by Yonhap News)

[Asia Economy Reporter Kum Bo-ryeong] Yoon Seok-yeol, the presidential candidate of the People Power Party, visited the Gangbuk area of Seoul and once again emphasized the relaxation of redevelopment and reconstruction regulations.

On the 13th, Candidate Yoon visited the Mia 4-1 housing reconstruction maintenance zone in Mia-dong, Gangbuk, Seoul, stating, "This place is related to my presidential campaign pledge on real estate policy, where I promised to significantly ease regulations on redevelopment and reconstruction to enable the private sector to supply many houses."

Regarding the impact of deregulation, Candidate Yoon explained, "By signaling to the market that a substantial supply volume will enter the housing sales market, we can reduce the pressure on price increases and curb the rise in real estate prices."

He then specified the new supply volume expected from redevelopment and reconstruction during his term. He said, "Nationwide, about 500,000 units are planned to be led by the public sector, and through the private sector, we aim to create regulatory reform conditions to build about 2 million units. In the metropolitan area, combining both private and public sectors, we expect about 1.3 million units."

He did not omit criticizing the Moon Jae-in administration's real estate policy. Candidate Yoon pointed out, "Housing includes units that the government must supply through public leadership for vulnerable groups, but fundamentally, an adequate volume should enter the market to meet new housing demand, and the market should form predictable prices through a smooth supply and demand process. The New Town plans that past governments had planned were all canceled, and supply volumes were too tightly controlled, which caused today's real estate price surge."

Candidate Yoon said, "Residents have asked for reconstruction to proceed quickly," adding, "Seoul City integrates the 'Rapid Integrated Planning' procedure into a one-stop review process, so construction can likely start within two years."

Seoul Mayor Oh Se-hoon was also present at the site that day. Mayor Oh remarked, "It is no exaggeration to say that redevelopment and reconstruction residential environment maintenance projects in Seoul have been stalled for about 10 years. During this administration's five years, due to procedural issues such as the excess profit recovery for reconstruction and strengthened safety inspections, reconstruction did not proceed smoothly, resulting in the current surge in real estate prices we are experiencing."

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