Seoul Mayor Directly Refutes President's Remarks, Stating Urban Redevelopment Supply Effects Are Clear

[Anchor]

Visiting a redevelopment project site, Seoul Mayor Oh Se-hoon emphasized that reconstruction and redevelopment are the core of housing supply in Seoul. He also stated that the volume of housing will increase. This is a direct rebuttal to remarks by President Lee Jae-myung, who had cast doubt on the supply effects of urban renewal projects.

Reporter Yun Nara has the story.

[Reporter]

At a public debate on real estate policies held last month, President Lee Jae-myung promised a blitz speed regarding housing supply—such as shortening the construction period for the 3rd-phase new towns—while expressing skepticism about reconstruction and redevelopment.

[President Lee Jae-myung: In the case of reconstruction, there are times when the number of households increases, but it doesn't seem to increase by a large margin either. In the case of redevelopment, it actually seems common for the total number of moving-in households to decrease.]

Visiting a reconstruction and redevelopment site in Yongsan today (August 11), Seoul Mayor Oh Se-hoon directly refuted the President's remarks.

[Oh Se-hoon / Mayor of Seoul: If you come here, you will realize that the President was misinformed and that saying 'there is no increase in supply volume, no net increase in volume through redevelopment and reconstruction' is a vividly mistaken statement.]

He then emphasized that in the areas of Seogye-dong and Cheongpa-dong in Yongsan-gu, Seoul, where urban renewal projects are underway, the existing 6,393 housing units will increase to 8,088 units, adding 1,695 units.

[Oh Se-hoon / Mayor of Seoul: With nearly 1,700 new housing units added, it comes out to 26.5 percent of entirely new housing being additionally created.]

He noted that over the past three years, the number of housing units in 59 completed urban renewal sites in Seoul increased by 20,000, and projected that another 87,000 units will be added from 253 urban renewal sites slated to bring in 310,000 units by 2031.

Mayor Oh, who targeted President Lee by asserting that the core means of housing supply in Seoul are reconstruction and redevelopment, also called on the government—ahead of its upcoming real estate supply measures announcement—to raise the floor area ratio, ease regulations on relocation expense loans, and provide financial support for urban renewal projects.

(Video by Joo Beom and Kim Heung-ki | Video Editing by Wei Stonyoung)
※ Please note: This article was translated by AI and may contain errors.