The Democratic Party of Korea, which had opposed easing floor area ratio (FAR) caps for private redevelopment and reconstruction projects citing concerns over rising home prices, has abruptly announced in its June 3 local election platform that it will pursue easing FAR limits for private redevelopment projects.
The shift comes as the Seoul mayoral race tightens within the margin of error, while groups including the Seoul Urban Redevelopment Association have publicly endorsed Democratic Party candidate Jung Won-oh — factors seen as driving the party's reversal.
According to the Democratic Party's central committee platform released on the 26th, the party stated it will "pursue the easing of private redevelopment and reconstruction procedures, as well as floor area ratio and building coverage ratio limits, under the principle of strengthening public interest."
This contradicts the party's previous position. In February, the Democratic Party passed amendments to the Urban Redevelopment Act in the National Assembly that granted FAR benefits only to public redevelopment projects, excluding private ones. The party had explained that "raising FAR caps even for private reconstruction and redevelopment complexes would trigger price increases in projects underway in Gangnam and the Han River belt," adding that "private redevelopment projects are not included."
The People Power Party, by contrast, had argued that FAR limits should also be raised for private redevelopment projects, calling for the joint passage of the Special Act on the Promotion of Reconstruction and Redevelopment Projects, proposed by People Power Party Rep. Kim Eun-hye, alongside amendments to the Urban Redevelopment Act. Kim's bill called for extending FAR incentives — currently applied only to complexes near subway stations — to non-station-area complexes as well, raising the statutory FAR ceiling for Class 3 general residential zones from 300% to 330%.
Separately, the Democratic Party included in its central committee platform the remodeling incentives that mayoral candidate Jung Won-oh has emphasized to maximize differentiation from People Power Party candidate Oh Se-hoon on real estate policy. The platform calls for promoting remodeling projects by easing consent thresholds for apartment remodeling projects and introducing low-interest loan policies to support initial project costs. Lowering the current remodeling consent threshold of 75% to 70% is seen as the most likely option.
The Democratic Party's moves are also interpreted as linked to the public endorsements of Jung by the Seoul Urban Redevelopment Association and the Seoul Remodeling Housing Association Council. On the 19th, the two associations mobilized 350 union members on the sixth floor of Saemaul Geumgo in Yongsan-gu, Seoul, to declare their public support for Jung. At the event, one remodeling association head explained the rationale for the endorsement, saying, "Through policy discussions with candidate Oh Se-hoon, a consensus formed among remodeling associations that 'Oh Se-hoon's Seoul City' will continue to refuse to support remodeling going forward."
