Ruling Party: “Can’t Wait Any Longer” ... Pushes Ahead With Revised Urban Renewal Bill

[Financial News] The Democratic Party of Korea is moving to speed up passage of amendments to the Act on the Improvement of Urban Areas and Residential Environments to expand housing supply in Seoul and the Capital Metropolitan Area. It proposed a revised bill that would raise the floor-area ratio for private-sector projects from 100% to 120%, but with no progress in talks with the Seoul Metropolitan Government and others, it plans to proceed with the bill without waiting for further negotiations.
Bok Ki-wang, a Democratic Party lawmaker who serves as the ruling party’s secretary on the National Assembly’s Land, Infrastructure and Transport Committee, spoke to reporters after a party-government consultation with the Ministry of Land, Infrastructure and Transport on the 28th. “We postponed [passage of the bill] twice to make time to talk with the Seoul Metropolitan Government,” he said, adding, “If nothing has moved forward despite that much effort, we’ll proceed as we have decided.”
The Democratic Party initially proposed a compromise, raising the private-sector floor-area ratio to 120%—between the 130% sought by the People Power Party and the existing 100%. But with no further talks, it plans to keep its revised proposal and proceed with a vote in the plenary session.
Bok said, “Even though we are fully aware of concerns about rising prices, raising it from 100% to 120% is meaningful,” explaining that “the Seoul Metropolitan Government also voiced concern that raising the private-sector floor-area ratio to 130% could cause traffic problems.” He went on to criticize the People Power Party, saying its delay of the bill’s passage “can only be seen as a policy intent to hold the government responsible for supply.”
The bill is expected to be handled after deliberation on the budget bill. Bok said, “Once the budget bill is dealt with and the time comes to handle this bill, I think it will be around then,” adding that the specific schedule is for the floor leadership to decide. He predicted that the People Power Party would not resort to an unlimited debate (filibuster), even if it did not agree to the revised bill.

[email protected] Jiwon Song Reporter