[2020 National Audit] Opposition: "Seoul City's New Town Exit Strategy Misses Housing Supply Opportunities"

[Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] It has been pointed out that former Seoul Mayor Park Won-soon's New Town exit strategy resulted in the loss of housing supply opportunities equivalent to five times the size of Wirye New Town. In response, the Seoul Metropolitan Government stated, "Currently, there is no shortage of housing supply, and it has not affected the rise in housing prices."

On the 20th, Ha Young-je, a member of the People Power Party, pointed out the housing supply shortage issue during the National Assembly Land, Infrastructure and Transport Committee's audit held at Seoul City Hall, saying, "Immediately after former Mayor Park Won-soon's inauguration, a total of 339 redevelopment projects were canceled due to the New Town exit strategy," adding, "This prevented the construction of 240,000 apartment units, equivalent to five times the size of Wirye New Town."

In response, Seo Jeong-hyeop, Acting Mayor of Seoul, said, "Looking at the trends over the past 10 years and the next 3 years, I do not think there is a shortage of housing supply in Seoul," and added, "I believe that the shortage of housing supply and the rise in housing prices are unrelated."

Ha also pointed out the differing positions between the Seoul Metropolitan Government and the central government at the time of the August 4th metropolitan area housing supply plan announcement. After the government’s announcement, Kim Seong-bo, head of Seoul’s Housing and Architecture Headquarters, stated in a press briefing that "Seoul is not very supportive of public reconstruction."

In response, Acting Mayor Seo said, "There is no disagreement between the central government and Seoul," adding, "However, during the discussion process, various opinions emerged, and there were both agreements and differences."