사회적 비용을 고려한 아파트 재건축의 경제성 분석

Abstract

This paper is for the purpose of economic analysis of apartment rebuilding project which includes the social costs from environmental deterioration and congestion effect etc. When the apartment rebuilding project planned and promoted, promoters generally have no regard for social externality, but just regard for their financial feasibility. In this case, the externality becomes a potential burden on national account. If the apartment house owner undertakes rebuilding project without regard for these social costs, it absolutely becomes a burden on people and national account and makes even more house stocks than ideal. And the people suffer more deterioration and congestion than normal. So it requires that we make a frame which can measure, compare and analyze the social costs. And we need to make an alternative policy proposal which can include these costs. In this paper, comparing two site cases, I made a frame which can analyze and compare costs and social costs with benefit of apartment rebuilding project. In this frame, in some cases we could find social costs are so large that can make b/c ratio or NPV change-the benefits of rebuilding project is smaller than the costs so the project shouldn’t be started. But some cases, social costs couldn’t change b/c ratio because the use value of house is very high or the apartment complex is small or the house is not so aged. But from the view of owner who doesn’t consider social costs, almost all project have financial feasibility and he can start the project. This case shows rebuilding project needs some intervention of public sector to regard the social costs. Separately, recycled aggregate could make some certain benefit on national account and promoter. Using recycled aggregate makes to save natural aggregate, we can save natural ecosystem, landfill site, and mining energy, etc. It makes to saving potential national account, too. It also can be a benefit to promoter and gives better financial feasibility,so that they will be promoted and use recycled aggregate.