Song Unseok: "Clear Limitations in Housing Supply Plan... Redevelopment and Reconstruction Must Be Normalized"

Song Unseok, Floor Leader of the People Power Party, stated on January 30 regarding the government's January 29 housing supply plan, "Housing supply cannot be resolved through public supply alone," and added, "The fastest and best solution is to normalize private sector-led redevelopment and reconstruction by easing regulations, such as lifting restrictions that block the redevelopment of urban villa complexes and improving business viability through measures like increasing the floor area ratio."

At the party's policy meeting held that morning, Floor Leader Song remarked, "The government's housing supply plan to provide 60,000 units by utilizing idle land and public sites in urban areas may appear ambitious in terms of numbers, but a closer look reveals clear limitations in policy effectiveness due to the absence of redevelopment and reconstruction deregulation."

Song Unseok, Floor Leader of the People Power Party, is speaking at the party's policy meeting held at the National Assembly on January 30, 2026. Photo by Kim Hyunmin

He further pointed out, "Most of the groundbreaking for these supply measures is scheduled for after 2028, and even then, it is contingent on smooth relocation and negotiations. Considering the average construction period of 30 months, the earliest move-in would be five years from now, which is far too late to address the current housing problems."

He also noted, "The supply targets of young people and newlyweds do not match the reality. The average apartment price in Seoul has exceeded 1.5 billion won, and given the construction cost structure, even small-sized units supplied after 2030 are highly likely to cost well over 1 billion won. Considering lending regulations and the income levels of newlyweds, there is a significant concern that this will become a selective supply accessible only to a few wealthy individuals with sufficient cash."

Additionally, Floor Leader Song commented on certain sites, saying, "The Taereung Country Club project was scrapped during the Moon Jae-in administration due to local opposition, and some local governments, such as Gwacheon City, are opposing additional housing supply citing limitations in transportation infrastructure. As in past cases, supply plans without proper consultation lead to delays, and the resulting harm is borne by ordinary citizens without homes."

He concluded, "A real estate supply plan that omits key issues is highly likely to fail again. The People Power Party will continue to responsibly propose alternatives to achieve genuine housing stability through revitalizing private sector housing supply."