Optimal Project Planning for Public Rental Housing in South Korea

Jae Ho Park, Jung-Suk Yu and Zong Woo Geem
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Jae Ho Park: Department of Social Housing, Gyeonggi Urban Innovation Corporation, Suwon 16556, Korea
Jung-Suk Yu: School of Urban Planning & Real Estate Studies, Dankook University, Yongin 16890, Korea
Zong Woo Geem: College of IT Convergence, Gachon University, Seongnam 13120, Korea

Sustainability, 2020, vol. 12, issue 2, 1-14

Abstract: Although Korea has made notable progress in the availability of public rental housing, Korea’s public rental housing representing 6.3% of the country’s total housing is still below the 8% OECD average from 2016. The Seoul Metropolitan Area (composed of Seoul City, Incheon City, and Gyeonggi Province) has nearly 50% of the country’s population, but 11% of the nation’s territory, meaning the area suffers from an acute shortage of public rental housing. This is a serious problem which is hampering the sustainability of Korean society in general. We will examine the possibility of improving this public housing problem using certain algorithms to optimize decision making and resource allocation. This study reviews two pioneering studies on optimal investment portfolio for land development projects and optimal project combination for urban regeneration projects, and then optimizes a public housing investment combination to maximize the amount of public rental houses in Gyeonggi province using optimization techniques. Through the optimal investment combination, public rental houses were found to be more efficiently and sustainably planned for the community.

Keywords: public rental house; sustainability; optimal project combination; genetic algorithm; branch & bound method (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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