The government has reportedly discussed measures with the Seoul Metropolitan Government to revive redevelopment and rebuilding projects as a way to expand housing supply in Seoul and the surrounding region. Seoul Mayor Oh Se-hoon said on the 26th, after meeting Land, Infrastructure and Transport Minister Kim Yun-duck, that the two sides "discussed easing regulations on redevelopment, rebuilding and other maintenance projects," adding that he "confirmed the ministry is reviewing the matter with an open mind." Oh has long proposed raising the floor area ratio for private housing maintenance projects by 1.2 times to increase supply. The ministry responded that "nothing has been decided on the direction or content of a review of higher floor area ratios for private maintenance projects," while adding that it "is reviewing the tasks proposed by the Seoul city government."
It is late in coming, but it is welcome that the ministry is finally talking with Seoul, which has pressed for reviving redevelopment and rebuilding, and examining what the city has proposed. Kim plans to meet Oh again "at an early date" to resume the talks. If the two are to meet, the government should move beyond a policy centered on public housing and give private housing supply room to breathe. In particular, raising the cap on redevelopment floor area ratios and increasing the number of newly supplied units, as Seoul has proposed, would resolve the profitability problem that has long stalled private housing maintenance projects. Rules restricting the transfer of union membership in redevelopment and rebuilding projects in speculation-prone zones also need to be eased. The aim is to give an exit to union members who cannot afford their share of project costs.
The problem is that talks between the government and Seoul remain at an impasse over the development of Yongsan Park. As recently as immediately after the meeting with Oh, Kim told reporters that regarding a site for rental housing for young adults and newlyweds, "there was never a requirement that it had to be Yongsan Park." Yet hours later, in a post on his X account, he struck a different tone, saying authorities "should not cling to a 'Yongsan is impossible' position that no homes can be built under any circumstances on the land returned from the U.S. military in Yongsan." Building homes at Yongsan Park would first require amending the special act on Yongsan Park development, which bars the site from being converted to any use other than a park, and public opposition is strong. Without cooperation from the Seoul city government and Yongsan District, it would be difficult to change the site's designated use and district unit plan or to obtain construction permits. Kim himself has acknowledged that the project is possible only with Seoul's cooperation, and he should not overreach. Whether to develop Yongsan is a matter that requires further gathering of public opinion and deliberation. Before that, the two sides should resolve what common ground exists, starting with the development of alternative housing sites such as the Tancheon water reclamation center site and with measures to revive maintenance projects.
