Kim Hee-guk: "Seoul City Should Expand Housing Supply Through Reconstruction and Redevelopment Instead of Greenbelt"

[Asia Economy Reporter Lee Ji-eun] Kim Hee-guk, a member of the People Power Party, raised his voice, saying, "Instead of the Greenbelt, let's significantly ease regulations on reconstruction and redevelopment led by the private sector to expedite the expansion of housing supply."

According to the data on the status of reconstruction and redevelopment in Seoul as of the end of June this year, submitted by Seoul City to Representative Kim on the 21st, reconstruction and redevelopment are underway in a total of 506 districts, including 151 designated zones.

Besides the designated zones, 66 districts have formed promotion committees, 95 districts have received approval for association establishment, 49 districts have obtained project implementation approval, 58 districts have received management disposition plan approval, and 87 districts have commenced construction.

Representative Kim said, "Some argue that easing real estate regulations to activate private redevelopment and reconstruction has caused apartment price increases and thus advocate for the necessity of public-led maintenance projects. However, rather, current measures such as price controls through the Housing and Urban Guarantee Corporation and the implementation of the price ceiling system are fueling apartment price increases and privatization of development profits," adding, "It is necessary for Seoul City to actively carry out administrative actions to ease various regulations related to redevelopment and reconstruction and to accelerate administrative procedures."