Democratic Party's Kang Byung-won Proposes Housing Supply Bill for Yongsan Site: "Supply Shock Needed"

Kang Byung-won, Supreme Council Member of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 14th and delivering a general remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] A bill has been proposed to allow the construction of housing on part of the Yongsan base relocation site.

On the 3rd, Kang Byung-won, a member of the Democratic Party of Korea, announced that he had taken the lead in proposing a revision to the "Yongsan Park Creation Special Act," which opens up the possibility of supplying housing by utilizing part of the main site returned by the U.S. military in Yongsan.

The current law states, "The state shall, in principle, develop the entire main site as Yongsan Park, and shall not change the use of the main site for purposes other than the park or dispose of it by sale, etc."

The amendment adds an exception clause stating, "The state may, when there is a policy need to guarantee the residential rights of the people, utilize part of the main site as residential land for housing supply on the premise that the land is not sold, and the area of residential land development shall be determined by enforcement decree within the range of less than 600,000 square meters." It specifies a ban on land sales to fundamentally block speculation and also establishes an institutional foundation to smoothly utilize the land in accordance with future circumstances.

Rep. Kang emphasized, "To give hope to future generations, a 'shock and awe' housing supply policy is essential," adding, "The optimal location for this is Yongsan, which is state-owned land, the center of the three major office districts, and a key area already intersected by more than ten railway lines."

Since there are no original residents, purchase and relocation are unnecessary, and it is a transportation hub with 10 subway stations on lines 1, 4, and 6, KTX Yongsan Station, the future GTX Yongsan Station, and three stations on the Shinbundang Line scheduled to open.

Rep. Kang said, "Even if the same number of houses are supplied, location is important," and added, "Yongsan public housing will be an opportunity to greatly enhance the government's ability to regulate the real estate market by stockpiling housing in key areas."

Other co-sponsors of the bill include Representatives Kang Min-jung, Kang Seon-woo, Kim Ju-young, Park Jung, Park Joo-min, So Byung-chul, Yoon Jae-gap, Lee Kwang-jae, Lee Byung-hoon, Lee Soo-jin, Lee Yong-woo, Jo Jeong-hoon, Choi Jong-yoon, and Heo Jong-sik.