재건축 개발이익 환수제도가 재건축 시기와 가격에 미치는 영향

Abstract

Ministry of Construction and Transportation is to enforce a regulation for imposing duty to construct rental housing upon a reconstruction partnership, which is a commercial unity organized to reconstruct partners' houses. The purpose of the article is to analyse the regulation's effect on reconstruction housing market, especially reconstructing timing and reconstructing housing price. First, the regulation give rise to cost - decline in share of land ownership, partial compensation on construction expense, fall in housing price caused by social mix. Second, the cost induced by the regulation results in an effect on delaying reconstructing timing. This article measures the effect by Real Option Model. The effect is dependent on FAR(Floor Area Ratio) permitted by government before and after reconstructing, increasing rate of housing price and constructing expense. Third, the additional cost and delaying of constructing timing due to the regulation cause a decline in reconstructing housing price. But the increasing rate of housing price is faster than before enforcing the regulation because the supply of new housing cuts down. Fortunately, after completion of reconstructing the increasing rate of housing price is slower because of FAR incentives permitted as a compensation for the regulation.