Seoul Housing Supply Talks Highlight Persistent Gaps

South Korean Minister of Land, Infrastructure and Transport Kim Hyun-mee and Seoul Mayor Oh Se-hoon met to discuss expanding housing supply in the capital, but significant differences remain on most contentious points. The meeting, however, yielded some progress, with both sides agreeing to reconvene next week after finding common ground on utilizing state-owned land near Yongsan Park for development.

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I strongly agree with the principle that Yongsan Park must be preserved, but we are talking about supplying housing for young couples and newlyweds in a limited way in degraded areas.

The most significant point of contention was the construction of youth housing within Yongsan Park. Minister Kim expressed strong agreement with the principle of preserving the park but suggested limited housing development in degraded areas for young couples and newlyweds. Mayor Oh, however, stated his difficulty in agreeing to any residential use of the park's main site, emphasizing the original intent of the Yongsan Park Special Act to designate the entire area as parkland.

Despite the impasse on the park's core area, Mayor Oh proposed a compromise: utilizing state-owned land adjacent to the park, such as Camp Kim, the Kyungridan area, and the Ministry of Foreign Affairs parking lot. Minister Kim indicated this could be a basis for agreement, marking a small but concrete step forward. The mayor also requested further easing of loan regulations for young people, extending eligibility to apartments, a move the government views with caution due to concerns about stimulating the real estate market.

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It is difficult to agree to dedicating even a portion of it for residential use. The original intent of the Yongsan Park Special Act was to make the entire site, not just the green space, a park.

The government's announcement in January to increase housing units in the Yongsan International Business District development from 6,000 to 10,000 has yet to translate into concrete progress due to ongoing disputes. This lack of resolution risks exacerbating Seoul's housing shortage and deepening public distrust in housing policies. With the final say on housing supply resting with the central government, both parties are urged to resolve their differences promptly, as delays disproportionately affect young generations and low-income households struggling to find housing.

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We found common ground on utilizing state-owned land near Yongsan Park for development.