Rent Surge in Yesan Market Area
Monthly Rent from 100,000 KRW to 1.6-2 Million KRW
Baek Jong-won "Fed Up with Gentrification"
Baek Jong-won, CEO of The Born Korea, warned real estate speculators ahead of the reopening of Yesan Market. This is because the rent in the commercial area around Yesan Market has skyrocketed, causing difficulties for merchants. He showed a firm stance, saying, "If I determine that the market's competitiveness is collapsing due to expensive rent, I will move the market."
On the 19th, Baek Jong-won uploaded a video titled "The reason it took six months to reopen, you'll understand when you visit" on his YouTube channel. In the video, Baek Jong-won toured the renovated Yesan Market and expressed his thoughts, saying, "It feels meaningful as it seems to have been reborn as a market that tourists will continue to visit." The Born Korea is currently conducting a project in partnership with Yesan County, Chungnam, to transform Yesan Market into a tourist destination.
However, as Yesan Market became revitalized, side effects emerged. The rents of buildings in the market and surrounding commercial areas have skyrocketed. One merchant lamented in an interview with The Born Korea, "A store that used to pay 100,000 won in monthly rent now pays between 1.6 million and 2 million won." Another merchant also expressed, "Since many people are gathering, the market price is rising accordingly."
Baek Jong-won, CEO of The Born Korea, took a firm stance on the issue of skyrocketing rental fees in Yesan Market. [Photo by YouTube channel 'Baek Jong-won']
In response, Baek Jong-won angrily stated, "I am fed up with gentrification." Gentrification refers to the phenomenon where original residents are driven out due to rising rents and other reasons as outsiders and money flow into a deteriorated area. Baek Jong-won warned, "If I determine that the market's competitiveness is collapsing due to expensive rent, I will gather like-minded merchants and move the market. This is not an empty threat. We could leave the entire market behind and move out." He continued, "Both I and The Born Korea started this project looking at future growth potential, not for money from the beginning. I sincerely hope the rent surge stops and the market is maintained in a sustainable form." He then emphasized, "Lastly, I give a warning that is not really a warning. If absurd real estate speculators cause land prices to fluctuate, we will never enter."
Netizens who watched the video showed sympathetic reactions such as "As expected of Baek Jong-won. Raising rent like that is like wanting everyone to fail," "Trying to reap others' hard work," "If you raise rent like that, it's basically telling them to leave," "Baek Jong-won is going through a lot," "He had every reason to be angry," "Supporting Baek Jong-won," "Worse than a robber with a knife," "Only Baek Jong-won can say things like this," and "Baek Jong-won for the National Assembly."
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