South Korea Discusses Housing Supply Boost Through Industrial Zones

South Korean officials are accelerating efforts to devise real estate supply measures, with presidential policy chief Kim Yong-beom and Seoul Mayor Oh Se-hoon meeting to discuss expanding housing availability. President Lee Jae-myung is scheduled to convene a meeting on July 7 to review these supply strategies, including a significant plan to develop over 50,000 new housing units in the Seoul metropolitan area.

The core of the discussion between Kim and Oh revolved around leveraging "jun-gong-up-jiyeok," or semi-industrial zones. These areas, historically designated for manufacturing since the 1960s and 70s, are now seen as prime locations for new housing developments in Seoul, particularly in districts like Guro and Yeongdeungpo. Oh suggested that revising the Ministry of Land, Infrastructure, and Transport's guidelines, which currently mandate that industrial facilities occupy up to 50% of these zones, could significantly boost housing development.

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Kim Yong-beom was interested in housing supply utilizing semi-industrial zones. So I suggested that if the government is interested in this, revising the Ministry of Land, Infrastructure, and Transport's guidelines on the mandatory industrial facility ratio (currently up to 50%) to 30-50% would further vitalize it.

Specifically, Oh proposed reducing this mandatory industrial facility ratio to between 30% and 50%. This adjustment would encourage more residential construction in these strategically located areas. The government's push for increased housing supply comes as it prepares to announce its "over 50,000 new supply in the Seoul metropolitan area" plan, signaling a concerted effort to address housing market pressures.

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Find all available methods to supply as many houses as possible as quickly as possible.