Yoon Suk-yeol: "If elected next president, I will supply 400,000 homes in Seoul during my term"

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Yoon Seok-yeol, the presidential candidate of the People Power Party, promised on the 16th that if he becomes the next president, he will significantly expand housing supply by easing regulations such as changing land use zones and increasing floor area ratios, aiming to supply 400,000 homes in Seoul during his term.

At a press conference on Seoul-related policy pledges held at the party headquarters that day, Candidate Yoon stated, "We will create new markets and business opportunities for the private sector through bold and effective incentives."

He said, "We will increase housing supply by abolishing various regulations such as exempting detailed safety inspections for apartment complexes over 30 years old, significantly easing the excess profit recovery system for reconstruction, preventing excessive donation of land and facilities, raising land use zones by two or more levels for public participation redevelopment in areas with low profitability, and rationalizing the operation of price regulations." He added, "We will expand housing supply by increasing reconstruction and redevelopment target areas and by processing permits quickly and in an integrated manner."

He also announced plans to raise the floor area ratio for private reconstruction in station areas to 500%, receiving 50% of the area as a donation, and newly supply 100,000 units of ‘Seoul Station Area First Homes.’ The first homes for public sale will be supplied as half-price apartments, with residents paying only 20% of the sale price and owning their homes through long-term loans covering the remaining 80%. Candidate Yoon said, "The secured homes will be publicly sold as ‘Station Area First Homes’ for youth, newlyweds, and low-income households without homes."

Candidate Yoon also promised to underground above-ground railroads and highways. He said, "We will gradually underground the sections of the Gyeongbu Line from Dangjeong to Seoul Station (32 km), the Gyeongwon Line from Cheongnyangni to Dobongsan (13.5 km), the Gyeongin Line from Guro to Incheon Station (27 km), and the highway section from Hannam IC to Yangjae IC (6.81 km)." He added, "We will carry out the northwest extension project of the Shinbundang Line starting from Yongsan Station, passing through Eunpyeong District, to Samsong in Goyang City."

He also revealed a plan to underground and deck over approximately 2.21 million square meters (670,000 pyeong) of 10 railway vehicle depots in Seoul, transforming the surface into residential and cultural-centered living spaces.

Additionally, he promised to designate Yeouido Financial Town as a financial hub special zone and establish an Asian commodity exchange within the financial hub special zone. Candidate Yoon said, "We will make Seoul a world-class startup city and focus on nurturing K-unicorns that will dominate the global market." He explained, "The government will actively support the vision of the 10 major innovative industry convergence clusters prepared by Seoul City, including AI, IT, biomedical, robotics, and blockchain, continuously creating Seoul’s innovation momentum and promoting balanced development between the Gangnam and Gangbuk areas by leveraging regional characteristics."