Jung Won-oh, the Democratic Party of Korea's candidate for Seoul mayor, pledged to strengthen support for apartment complexes that have chosen remodeling over reconstruction.
Jung made the remarks at a Korea Editors Association forum held Tuesday at the Korea Chamber of Commerce and Industry's international conference hall in Jung-gu, Seoul. "I will support remodeling complexes that People Power Party candidate Oh Se-hoon has neglected," he said.
"The Remodeling Association has significant grievances with the Seoul metropolitan government," Jung said. "Complexes pursuing remodeling amount to about 100,000 units, and they have been conveying complaints to us that they are not receiving cooperation from the city." He added, "If residents have decided on remodeling, remodeling support must be provided," and stressed, "I will also support public development and urban complex development, which Mayor Oh had little interest in."
Jung criticized Oh for failing in both demand management and supply of real estate during his tenure as Seoul mayor. "In terms of demand management, a representative example is the reversal of the land transaction permit system's cancellation and redesignation in just 35 days," he said. "On the supply side, while approximately 70,000 units should be supplied each year, only 20,000 to 25,000 units have been supplied annually for several years."
"We are now in a situation where we must supply these shortfalls as additional supply," he said. "Over the next five years, I will supply even the portion that has been lacking. The market can only stabilize when there is a clear supply signal." Jung had previously announced plans to supply more than 360,000 homes across the private and public sectors by 2031. Specifically, he outlined a plan to supply housing through 302,000 units from redevelopment project groundbreakings, 50,000 units of newly built purchased rental housing, and 10,000 units through high-density reconstruction of aging permanent rental housing complexes.
"If elected, I will establish a sales plan in line with the government's plan and show citizens the supply plan to promote psychological stability along with overall stability in the housing market," Jung said. "What matters is having the will to push it through."
