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Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance announced on the 4th that it was at the level of’supply shock’ when announcing plans to expand housing supply, it is the current government’s 25th measure. He emphasized, “830,000 households are about twice the annual national housing supply, and 320,000 households to be supplied to Seoul also account for 10% of the housing stock in Seoul.”
Experts also agree that the figure is far beyond the past supply measures. However, this is a quantity that can only be achieved if the maintenance project is carried out as the government predicted. It is predominantly evaluated that the actual supply level is unknown, as 330,000 households need to be converted into public-led projects out of existing private projects such as urban public housing complex projects and public direct implementation and maintenance projects.
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◇ Converting private projects to public initiative to supply 330,000 households = In this government’s supply plan (830,000 households), large-scale quantities are created in three forms. First of all, it plans to supply a total of 263,000 households through the creation of public housing sites, similar to the existing supply measures. In addition, 196,000 households and 136,000 households will be created through urban public housing complex projects and public direct implementation and maintenance projects, respectively.
Urban public housing complex projects and public direct implementation and maintenance projects are a form of rapidly supplying housing by converting existing private projects into public projects. The urban public housing complex project is difficult to develop with existing private projects such as station areas, semi-industrial areas, and low-rise residential areas, and is carried out in a way that deteriorated buildings are demolished and new houses are created.
The public direct implementation and maintenance project is a form in which the public, such as the Korea Land and Housing Corporation (LH), receives land in kind for the existing private redevelopment and reconstruction projects. Once the project is confirmed, the existing union will be disbanded and the public will proceed with all procedures. Land owners, etc. participate in resident representative meetings, but are excluded from major decision-making and only have the authority to decide the construction brand. As there is no cooperative, all the cooperative assembly process is omitted from the maintenance project, and construction can begin immediately after the project is approved for implementation. The government explained that the existing 13-year project can be reduced to under 5 years.
In addition, the government is in a position to supply more than 130,000 additional households to the city center through urban regeneration (30,000 households), shopping centers and office remodeling (41,000 households), and new construction purchases (60,000 households).
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◇ The voluntary participation of the private sector in various incentives is questionable = The government also announced various incentives related to public-led development announced today.
First of all, for the urban public housing complex project and the public direct implementation maintenance project, it is a position to guarantee a 10 to 30 percentage point higher rate of return than when it was promoted as a private project. In addition, since these projects are carried out in the form of giving priority to apartments and shopping malls after taking over the land, they will not pay a transfer tax based on the land exchange method.
For the urban public housing complex project, institutional support plans such as’profit-sharing mortgage’ were also raised. Land owners with low burdens, such as elderly people with no monthly income, will pay only part of the pre-sale price at the time of initial acquisition of the house, but will hand over ownership and dispose of it to the public in the future. In addition, the key is to provide exclusive loan guarantee products for landlords who cannot afford to return the jeonse, and support for senior citizens who rely on monthly rent to acquire REIT stocks that can receive regular dividends.
Incentives for direct public maintenance projects targeting private reconstruction and redevelopment complexes are stronger than this. Excluding the redemption of excess profits, the two-year mandatory residency clause for reconstruction members will not be applied. It also decided to change the conditions for accepting donations for public rental. Rather than receiving an increase in the floor area ratio, it was decided not to apply the donation-acceptance ratio that must be provided by the maintenance business association, and to create public leases and public self-houses for 20-30% of the total new construction. Although the ratio of redevelopment (10-15%) and reconstruction (5-10%) is expected to increase from the mandatory public rental supply ratio, the volume is expected to decrease compared to public rental housing, which should be provided as a benefit of an increase in floor area ratio.
However, it is unclear whether land owners will respond to this as if they participate in public-led projects, the land is provided to the public in kind and then excluded from major decision-making. Kim Tae-seop, a senior research fellow at the Housing Industry Research Institute, said, “The reconstruction and redevelopment union members basically have a lot of negative perceptions about public-led projects.” “Land owners are likely to decide which one will benefit them. It is difficult to be sure that the business will be accomplished.”
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◇’Proceed quickly’ by lowering the rate of consent… Concern about private property infringement = The government decided to drastically lower the consent rate of land owners for public-led maintenance projects in supply measures on this day. In the existing redevelopment and reconstruction projects, more than three-quarters of land owners agreed to do the project. However, in the public project announced on this day, the project will be confirmed when two-thirds of the land owners agree.
Specifically, the urban public housing complex project is designated as a district with the consent of 10% of the landlords. If more than two-thirds of the land owner (two-thirds of the land area) is agreed within a year after that, the development project is led by the public. If consent is not obtained, the business is canceled. If you oppose the development project, you will not receive the right to pre-sale for new apartments and shopping malls, and you will be subject to cash settlement. Public direct implementation and maintenance projects can also be applied with the consent of one-half of the members, and the project is finalized if two-thirds of the members agree within one year.
As such, there is also a great concern about infringement of private property. Residents who disagree with the project will also participate in the project regardless of their will. In this case, the problem of commercial gentrification or residential gentrification occurring in public housing projects may arise, and there is no solution for this. An official from a maintenance project said, “There is an advantage of increasing the speed of the business if the agreement rate of members is lowered, but there is a problem that controversy over the infringement of property rights of the opposing members arises.” There is room for various controversy.”
An expert in the real estate industry said, “If you receive a certain percentage of the residents’ consent, there is no restriction on the public’s participation in the business. Simply put, those who disagree will be forced to accept it. In short, the government will easily take away the It means that you can,” he criticized. He added, “In underdeveloped areas, there is a high possibility that the landlords are living in cheap houses,” he added. “If only housing can be supplied, there is a logic that even if individual rights are infringed, there is no help.”
/ Reporter Kang Dong-hyo [email protected], Reporter Jin Dong-young [email protected]
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