Shin Sang-jin, the mayor of Seongnam, urged the government on August 14 to lift restrictions on redevelopment units, stating that "the fast track for housing supply in the metropolitan area is Bundang redevelopment."
In a post on his Facebook page, Mayor Shin noted, "The government announced measures for an additional supply of 230,000 units in the metropolitan area along with early construction of public land and financial and tax support for the swift promotion of private redevelopment and redevelopment projects. The core of these measures is not just the quantity of supply but also the speed of supply."
He pointed out, "While I agree with the government's direction to expand supply, restricting the redevelopment units in Bundang directly contradicts government policy."
Mayor Shin emphasized, "It is contradictory to urge for rapid redevelopment on one hand while limiting the number of redevelopment units on the other. If the government truly wants to expand housing supply in the metropolitan area, it must first lift the restrictions on Bundang, where demand for redevelopment and residents' willingness to proceed with projects are highest."
There is strong demand for redevelopment projects in Bundang. For instance, Mayor Shin revealed that in response to a call for resident proposals for special redevelopment zones in 2026, a total of 66,037 units were applied for across 50 zones. This figure is 5.5 times the planned amount of 12,000 units for this year.
He believes that this level of applications reflects not just administrative demand but a strong on-the-ground demand from residents willing to bear project costs to push for redevelopment.
Notably, Bundang has the potential to supply up to 57,770 additional housing units compared to existing homes once redevelopment is completed.
Mayor Shin stated that if the residents' strong willingness to proceed with projects is combined with a reduction in administrative procedures, the expected supply timeline, currently projected for around 2040, could be advanced by more than five years to around 2035.
Ultimately, Mayor Shin argues that accelerating the redevelopment process in Bundang, where resident agreement and project demand have already been confirmed, is the most realistic solution for expanding housing supply in the metropolitan area.
He concluded, "Empty housing supply measures will not stabilize the real estate market. If the government is serious about expanding supply, it must immediately lift the uniform restrictions on redevelopment units in Bundang."
Additionally, Mayor Shin plans to continue advocating for an increase in Bundang's redevelopment units while supporting residents in expediting housing supply through redevelopment projects.
* This article has been translated by AI.
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