Seoul Mayor Oh Se-hoon said the previous day (15th) that the real estate stabilization measures announced by the government "contain elements here and there that will negatively affect redevelopment and reconstruction maintenance projects." This is the first time Oh has directly commented on the government's Oct. 15 real estate measures.
In opening remarks at a meeting with the Seoul Urban Renewal Business Association held at Seoul City Hall on the 16th, Oh said, "If the overall pace of (maintenance projects) slows, the city's painstaking efforts that we have ambitiously and carefully prepared will fade."
Oh noted, "People will be worried about the burden of cost sharing due to the government measures," adding, "When there were loan restriction measures last time, complexes right before relocation were extremely troubled immediately afterward, because relocation support funds are affected."
He continued, "If there is a problem with funding capacity, the pace of projects will slow and it could mean problems for real estate stabilization," adding, "We will do our utmost to minimize various side effects, sources of conflict, factors that will slow the pace, and constraints on raising funds so that groundbreaking and move-ins can proceed at the desired time."
Kim Jun-yong, head of the Seoul Urban Renewal Business Association, also said, "Revitalizing maintenance projects is an effective solution to provide high-quality housing environments to people living in poor conditions," adding, "Among the government measures, designating the entire city of Seoul as a speculative overheating district risks dampening the market and discouraging the intention to push forward maintenance projects."
A Seoul Metropolitan Government official also said that day, "While the city is accelerating supply, we view the government measures as demand-related curbs," adding, "We are closely examining what impact they will have on the supply field and at each stage of supply."
Earlier, on the 29th of last month, Oh announced through the "Fast-Track Integrated Planning 2.0" push plan that the city would concentrate allocations of maintenance project groundbreakings in key areas such as the Han River Belt and break ground on 310,000 homes by 2031. The supply volume for preferred areas such as the Han River Belt was presented as 198,000 units.