Han Byung-do Questions Whether Oh Se-hoon's Housing Supply Plan Is Feasible

[Financial News] Han Byung-do, acting leader and floor leader of the Democratic Party of Korea (DPK), said on the 12th that Seoul Mayor Oh Se-hoon's housing supply plan is not feasible. He also pressed the People Power Party to cooperate on bills related to housing supply.
At a floor strategy meeting held at the National Assembly that day, Han said, "Mayor Oh has now announced plans to build a total of 310,000 homes in 253 redevelopment projects that are scheduled to break ground by 2031." He added, "Given that the average redevelopment project takes more than 10 years and that numerous conflicts and obstacles are expected between the permitting stage and groundbreaking, we cannot help but ask whether this is truly a realistic claim."
He noted that "redevelopment projects involve tearing down existing homes and building new ones," and said they should not stop at simply announcing that construction will begin on tens of thousands of units.
He argued that the government must take a comprehensive view of factors such as the number of homes that will be demolished, the number of residents who will need to relocate, and the increase in housing units that redevelopment will bring. He also pointed out that measures are needed to address possible rent increases in nearby housing markets during the relocation process.
Han said, "As the party with key permitting authority, he must responsibly present alternatives for how that volume will be turned into homes that people can actually move into, and how the demolition, relocation issues and conflicts among the parties involved will be managed along the way."
He also claimed that "separate from this, what is blocking housing stability for the public in the National Assembly is the double-dealing of the People Power Party, which Oh belongs to," adding that "the follow-up bills to the government's Sept. 7 real estate supply measures, including the Housing Act, the Urban Redevelopment Act, the Special Act on Public Housing and the Aging Public Office Buildings Act, have been stalled for nearly a year by the People Power Party's obstruction."
He then urged the party to "show at least a minimum of conscience and cooperate in holding a plenary session tomorrow, the 13th, to pass the housing supply bills."
Meanwhile, the DPK plans to hold the first meeting of its recently expanded and reorganized Housing Market Stabilization Task Force (TF) this afternoon to discuss follow-up measures to the real estate tax reform proposal and supply-side policies. As public sentiment has been shaken by real estate-related controversies involving the ruling bloc, the party appears to be moving quickly to revise the tax reform plan and accelerate supply measures.
[email protected] Kim Hyeong-gu Reporter