Lee Jae Myung Omits Housing Supply in Metropolitan Pledges... "Easing Floor Area Ratios for Reconstruction and Redevelopment"

Proposal of the "Fourth Generation Smart New Town"

The housing supply plan was omitted from the metropolitan area pledges announced by Lee Jae Myung, former leader and presidential primary candidate of the Democratic Party. In the 20th presidential election, Lee pledged to supply a total of 3.11 million housing units.

Lee Jae Myung, former leader and presidential primary candidate of the Democratic Party, is speaking during his visit to the Saemangeum33 Center in Jeonbuk on the morning of the 24th. Photo by Yonhap News

Youn Hu Deok, a Democratic Party lawmaker and head of policy for Lee Jae Myung's campaign, met with reporters at the National Assembly on this day and explained, "During the last presidential election, the housing market was overheated, so supply was extremely important. Now, however, the economy is declining, and the housing market has changed significantly compared to three or four years ago."

Regarding the fourth generation of smart new towns, Youn stated, "In five to ten years, there may be a severe shortage of supply, which could cause abnormal phenomena in the housing market. We announced the direction as a preemptive supply measure."

On the topic of reconstruction and redevelopment in the metropolitan area, Youn said, "I wish these processes could proceed more quickly, but progress has been slow. We will work to further ease floor area ratios and cost-sharing requirements to facilitate advancement."

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