Seoul As A Mega City Case Study

1301 Words3 Pages

June Sub Park
Professor Lawal Mohammed Marafa
UGEB 2161 Resource Issues in the Age of Globalization
16 April 2015
Seoul as a Mega City: Problems and Solutions
Seoul, located in mid-center region of the Republic of Korea, is the capital and the biggest city of South Korea. After Seoul has been set as the capital city in 1394, it has served its main role as a center of Korea’s political, economic, social and cultural activities. Although the city itself consists 0.6% of the total land area of South Korea, more than 10.5 million people are currently residing in Seoul, which is more than 20% of South Korea’s total population (Seoul Metropolitan Government). This paper examines the history of Seoul’s population transition along with problems resulting …show more content…

This price inelastic characteristic of supply is mainly because of three reasons. First, it takes comparatively longer time to produce an additional house. Second, the process of production is complicated because of its connectivity to different industries. Third, the purchase of land and other public services must be preceded before the actual production (Lee). For these reasons of price elasticity, housing problem has to be dealt with different solutions in short run and long run. Not only a simple solution of providing additional house in the short run, but a careful examination at how to accommodate the increasing population along with physical limitation inside the city should be conducted …show more content…

This scheme is primarily for the low income class population, aimed to supply set of demand-focused and personalized public rental housings. Seoul Government is currently loaning 30% of the security deposit and maximum amount of 45 million won, to aid those who are in need. As the plan is to supply large amount of additional houses, method of financing the capital is changing over time. Unlike the 2014 plan which were led by the government, private parties are now participating in acquiring public rental housing, by receiving incentives from the government in the process of construction or purchase. The main reason for this change is because the original plan that required the government to construct, or purchase existing house came to a limitation with the shortage in government funds (Seoul Metropolitan

Open Document