This picture by Jo Yong hak of a new town in Seoul looks scary. Even worst it is to know that approximately 48000 houses were demolished in Seoul for redevelopment and only 22000 new units were built.
From The Atlantic Cities.com:
After 10 years, a Korean program that actively tore down older, low-density neighborhoods and replaced them with high-density “new towns” is coming to an end. Seoul Mayor Park Won-soon announced the end of the program, which was intended to help provide housing for the rapidly growing South Korean capital, last week.
The "new towns" were initially heralded as a success but quickly fell victim to the global economic downturn. Thousands of Seoul residents have been caught in the crash.(...)
The new towns seemed like a good idea during the real estate boom, with locals in “old towns” clamoring for the redevelopment projects that would grandly increase their property values. But now, most residents in areas that had been slated for redevelopment as new towns would prefer to stick with the old as the financial benefits of redevelopment have disappeared.
Indeed, 85 percent of the proposed new town developments haven’t broken ground.
Property values, though, are not the only reason the citizens of Seoul have turned against new towns. Many of the new towns have been built so far out into the periphery that it takes hours to commute to the city, where jobs are. And many residents have been priced out of the marketplace, taking buyouts for their demolished homes that don’t come close to paying for new ones in the city.
Keep on reading Nate Berg´s article:
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