Kim Jong-in, chairman of the People’s Power Emergency Response Committee, is speaking at a press conference for real estate normalization held at the National Assembly on the 13th. News 1
Kim Jong-in, chairman of the People’s Power Emergency Response Committee, pledged to “dramatically increase housing supply by releasing regulations on reconstruction and redevelopment” aiming at the by-election of the Mayor of Seoul on April 7th. This year, the government has shifted the focus of real estate policy from tightening regulations and tax reform to’supply policy’, but there are limitations as it binds reconstruction and redevelopment. In order to relieve traffic problems in the city center, a plan was proposed to reduce commuting time in half by installing a large roundabout in the basement of Yongsan Park.
Chairman Kim held a press conference at the National Assembly on the same day and announced that “about 250,000 houses have not been properly supplied over the past 10 years.” He said, “Because the Moon Jae-in administration and the late Mayor Park Won-soon prevented reconstruction and redevelopment, it caused an imbalance in the supply and demand of housing.”
Chairman Kim first professed, “We will develop the city center with high density and high-rise building by radically solving various regulations that were blocking the supply of housing.” He emphasized easing of regulations such as △Upgrade the Seoul floor area ratio standard △Adjust safety diagnosis standards △Abolish the pre-sale price ceiling △Return excess profits from reconstruction. In the end, it is argued that it will enable ultra-dense reconstruction that guarantees the interests of reconstruction members in the Gangnam region.
It also included measures to secure large-scale urban housing sites. It is a plan to move the railroad car base in downtown Seoul to the outskirts or use the upper part as a residential site after covering it. He also emphasized that “the vehicle base is located with a subway station, so accessibility is very good.” He added, “It is also necessary to actively consider the method of undergrounding major arterial roads and railroad facilities through the city.”
The people’s strength also promised to abolish the heavy tax on capital gains. “Relieving the transfer tax is the only way to expand supply in the short term,” and aimed at the point that the Democratic Party’s leadership actively opposed the proposal to ease the transfer tax recently raised by some of the party, saying, “It could give a false signal to the real estate market.” It is also planning to implement comprehensive policies to ease tax burdens, such as lowering the tax and property tax rates and adjusting the standard amount of the tax. He also said that the public price system would “induce a tax bomb” and fundamentally correct it.
It also suggested a plan to improve the quality of life by reducing the commuting time of Seoul citizens in half. Chairman Kim said, “We will install a large roundabout in the basement of Yongsan Park to disperse traffic and build an additional underground alternative road in major congested areas in the metropolitan area.” He added that the specific proposal “will be presented by those who are candidates for the mayor of Seoul.”
The power of the people believes that the biggest win for the Mayor of Seoul is real estate and tax, and has been reviewing measures at the party level since last November. A TF was organized around Rep. Kim Hee-guk, former Vice Minister of Land, Infrastructure and Transport, and reported the final proposal to the Emergency Response Committee on the 23rd of last month. Rep. Kim said in the call that “when the party’s candidate for the mayor of Seoul is decided, we will form a special policy group and announce concrete pledges based on the framework announced this time.”
Park Jinman reporter [email protected]
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