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Range of Betterment Recapture in Housing Reconstruction
Korea Real Estate Review
2009,
19(2), pp.133-150
Publisher : korea real estate research institute
Research Area : Law of Real Estate
Publisher : korea real estate research institute
Research Area : Law of Real Estate
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As the Lee Myung-bak administration came into power in February of 2008, it was predicted that there would be a number shifts in housing supply amid expectations of great change. The present government revealed even prior to taking the helm of government that it would be a desirable policy direction to supply housing by redevelopment and reconstruction in downtown areas rather than by developing new cities. The past participatory government, diagnosed that the low-interest policy made a lot of funds flow into reconstruction projects and sent the price of reconstruction apartments skyrocketing, raising prices of apartments as a whole in Seoul and the capital region. The government announced several measures for reconstruction projects to stabilize the prices of such apartments, the core of which is the reconstruction excess gains recapture system which has been in effect since September 25, 2009. This study is aimed at approaching the public concept of housing which forms the basis for the policy which can be collectively called ‘real estate regulations’ such as institutional restrictions through restrictions on property rights, taxes with respect to the housing market from the perspective of law and economics and especially, shedding light on the concept of unearned income and development profits from the standpoint of value theory.
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