- Regulatory Reform and Affordable Housing
- Volume 23 Number 1
- Managing Editor: Mark D. Shroder
- Associate Editor: Michelle P. Matuga
Balancing the Trade-off Between Urban Development and Preservation: Experience from South Korea
Korea Housing and Urban Guarantee Corporation
Wilson Center Urban Sustainability Laboratory
Urban regeneration is a potent catalyst to advance more prosperous, inclusive, and equitable cities. Across the globe, cities are seeking innovative strategies for planning and mobilizing resources to revitalize struggling and neglected neighborhoods and transform underused land in declining commercial and industrial areas. Without careful planning and attention to preserving local culture, however, urban regeneration projects can accelerate displacement, gentrification, and loss of cultural heritage.
This case study focuses on the Korean approach to urban regeneration that preserves unique local and regional identity while simultaneously putting safeguards in place to prevent commercial gentrification, protecting small businesses, and promoting local industry. Public financial support and planning regulations have been effective in revitalizing declining urban areas, preserving regional historical assets, and preventing gentrification. Additionally, appropriate compensation for personal property loss minimizes opposition and enables the pursuit of public interest to preserve historical and cultural assets. This study details the strategic leveraging of regeneration projects to achieve broader urban goals for local economic development and cultural heritage preservation.
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