Korean Government Plans to Build and Sell Housing to Cool Real Estate Market
I wonder if this really is to cool the real estate market or is it just an attempt by the government to make money from the hot real estate market?:
The government is expected to announce a plan this week to provide a total of 850,000 homes to cool down the overheated property market, government and parliamentary officials said Wednesday.
Under the plan, likely to be unveiled Thursday, about 325,000 units will be supplied in Seoul, and the rest in other major cities, including Busan, Daegu and Gwangju, where property prices have soared over the recent months, the officials said.
Public companies like Korea Land & Housing Corp. and Seoul Housing & Communities Corp. will lead the project to offer quality housing at lower prices, they said.
Yonhap
You can read more at the link.
“KOREAN GOVERNMENT PLANS TO BUILD AND SELL HOUSING TO COOL REAL ESTATE MARKET”
I’m part of the cool real estate market.
I’m so cool, they will probably just give me one for free.
Then they will be all, “Sorry, Tbone and Johnhenry,, this is only for the cool people to live in. We will help find you guys a couple of villages in need of an idiot.”
Winter in Korea is already pretty cool… And since no one can sell their apartments, this will bring it down permanently to room temperature.
I expect the new buildings will look like this: https://en.wikipedia.org/wiki/Ryugyong_Hotel
I’m sure commie moon pie and his cronies just “happen” to have prime real estate land they are willing to sell for a “modest” profit….
Just more shoddy Commie block housing.
Everyone is mis-reading the headline. The housing is for the “cool real estate market,” so K-pop stars, celebrities, and rich people will get to live in or buy up whatever monstrosity they’ll build at the old USAG-Yongsan site.
There seems to be a misunderstanding here.
There are state run housing development corporations called LH(National) and SH(Seoul). Yes they do develop some apartment complexes but most of the development are done by privately run companies.
These privately run companies are not construction companies. The construction companies construct and sell the apartments. The privately run companies in question are the ones who buy the land, gain agreement from previous home owners for the redevelopment, organize cooperatives for the redevelopment, and select a construction company for the construction.
Unfortunately, most of the above mentioned companies don’t have any money, some are front for organized crime, and some are made up of con artists. As such most of the redevelopment projects remain on paper in addition to the several court battles between the home owners and the con artists.
This is where the government steps in. Since LH and SH have enough financing, know how and the expertise to redevelop areas that need redeveloping the government is hoping to quickly construct thousands of apartments, increase the supply and hopefully cool down the real estate market.
Unfortunately, they have yet to dig deeply into the plan.
Well, that helps. Everyone knows there could never be corruption or organized crime in anything run by the government.
Most likely 225,000 of the 325,000 units to be built in Seoul will be located on Yongsan…
Hello Yongsan Park Dream apartments.
There is a significant opinion that rather than become a giant park Yongsan should instead have affordable low income housing built on it so the theory that these units will be built there is not entirely crazy.
I can see the SBS Drama now: “From Chamsil to Yongsan”…
“Yongsan should instead have affordable low income housing built on it”
Diversity is Korea’s strength and this would be a very visible opportunity to fight privilege and systemic oppression through inclusive housing policies.
The construction of Yongsan Global Residential Towers with all housing units given to Muslims and Nigerians, with priority given to those in the LGBTQ community, would make a strong international statement that Korea stands on the forefront of multicultural competency and supports social accountability to the emerging majority with equity-building through restorative justice.
Especially if there were plenty of balconies for the traditional Muslim-LGBTQ games. Sparkling!