Yeongdeungpo Public Discussion Meeting Hosted
Seoul Old Downtown Major Renovation 'Newville Project' Promotion
10 Trillion Won Investment Over the Next 10 Years
President Yoon Suk-yeol is speaking at the 21st Public Discussion on Livelihoods with the People held on the 19th at Mullae Arts Factory in Yeongdeungpo-gu, Seoul, under the theme "A New Miracle of the Han River Created by Urban Innovation." [Image source=Yonhap News]
President Yoon Suk-yeol stated on the 19th, "We will first correct the wrongful punitive taxation," and added, "We will completely abolish the plan to realize the official property prices."
On the same day, President Yoon presided over the 21st public discussion forum under the theme "A New Miracle on the Han River Created by Urban Innovation" at the Mullae Arts Factory in Yeongdeungpo and made these remarks.
President Yoon said, "Our government will completely abolish the reckless (real estate) official price realization plan so that the public no longer has to worry," and added, "It would be ideal to amend the law, but even before the law is amended, we will use various policy measures to ensure that the effect of abolition can be achieved."
President Yoon pointed out, "Past governments tried to manage rising house prices caused by failed real estate policies through punitive taxation," and "In particular, they implemented the so-called 'official price realization plan,' which artificially increased official prices every year, but this caused tremendous side effects everywhere and only increased the suffering of the people."
He continued, "During the last government, official prices were raised by an average of 10% annually over five years, totaling 63%," and criticized, "As a result, the housing cost burden for ordinary people owning a single home surged."
The 'Official Price Realization Roadmap' was introduced in November 2020 during the Moon Jae-in administration. It aimed to gradually raise the official price realization rate (the ratio of official price to market price) annually to reach 90% by 2035 at the latest.
President Yoon Suk-yeol is speaking at the 21st Public Discussion on Livelihoods with the People held on the 19th at Mullae Art Factory in Yeongdeungpo-gu, Seoul, under the theme "A New Miracle of the Han River Created by Urban Innovation." [Image source=Yonhap News]
President Yoon emphasized, "We must ensure that residents can enjoy a high quality of life anywhere in Seoul, and especially, we need to swiftly and vigorously promote plans to transform old downtown areas like Yeongdeungpo to strengthen Seoul's competitiveness."
In particular, a new project called the 'New:Village Project' (abbreviated as New:Vil Project) will be launched to extensively renovate Seoul’s old downtown areas. Unlike apartments, this project aims to redevelop aging detached houses and villa neighborhoods, which are difficult to redevelop, into new townhouses and modern villas.
To support this, President Yoon said the government will provide low-interest loans for renovation funds and support costs for installing community facilities such as parking lots, CCTV, and exercise facilities. He stated, "We plan to start a pilot project call for proposals in the second half of this year and officially begin the project next year," adding, "The necessary funds will be invested over the next 10 years with 10 trillion won by efficiently reorganizing existing budgets without additional fiscal burden."
President Yoon criticized, "Have the mural paintings and flowerbed projects carried out under the name of urban regeneration actually helped residents' lives?" and declared, "We will completely reorganize urban regeneration projects to genuinely help and revitalize people’s livelihoods, rather than just showy projects."
Additionally, to alleviate the housing cost burden for tenants in jeonse and monthly rental markets, the government plans to purchase 100,000 newly built small- and medium-sized homes over the next two years and supply them at affordable rents. President Yoon said, "We will ease rent regulations on corporate long-term rental housing to encourage private sector supply in the rental market and expand fund loans and tax support." The support scope and duration of the 'Youth Monthly Rent Support Project' will be expanded, and the eligibility for housing benefits will also be broadened to reduce housing costs for youth and low-income groups.
President Yoon promised to reorganize cultural and artistic infrastructure to match Seoul’s population and status. Aging spaces will be promptly remodeled, and areas where national cultural and artistic facilities are established will be grouped and activated as cultural and artistic hubs.
The Mapo and Hongdae areas, popular among youth, will be developed into a youth complex arts center with the establishment of the 'Danginri Cultural Creation Factory,' while the Seoul Station, Myeongdong, and Namsan areas will be developed into the 'Seoul Station Complex Cultural Space' and the 'Namsan Performing Arts Creation Center.'
About 60 people, including residents of aging areas, Seoul citizens, housing and urban planning experts, and cultural artists, attended the discussion forum. From the government, Minister of Land, Infrastructure and Transport Park Sang-woo, Minister of Culture, Sports and Tourism Yoo In-chon, and Seoul Mayor Oh Se-hoon participated, while from the presidential office, Policy Chief Sung Tae-yoon and Senior Secretary for Economic Affairs Park Chun-seop attended.
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