Seoul lawmaker proposes using Yongsan Park land for youth housing

Kim Young-bae, the Seoul chapter chairman of the Democratic Party, is advocating for the utilization of parts of the Yongsan Park development for youth housing, emphasizing the urgent need to address the housing crisis for young people and newlyweds.

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The principle is to supply at an affordable price as quickly as possible.

Kim argues that state-owned lands, particularly those returned from U.S. military bases in Yongsan, present a "most reliable core supply means" that the government can control immediately upon commencement. He clarified that the proposal does not involve encroaching on green spaces but rather repurposing areas that have lost their green function, such as former officer dormitories, military apartments, and the old Defense Acquisition Program Administration site, as well as land near transit stations.

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Recently, the possibility of utilizing some parts of the Yongsan Park site, specifically land returned from the U.S. military base, for youth housing has begun to be discussed.

During a press conference on youth housing issues, Kim criticized Seoul Mayor Oh Se-hoon's reliance on redevelopment and reconstruction projects. "The average duration of current maintenance projects is 18 years, as stated by the Seoul Metropolitan Government itself," Kim pointed out. "Politics that only tells people to wait longer cannot gain public support."

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State-owned Yongsan (Park) land is the most reliable core supply means that the government can adjust the volume immediately upon commencement, making it a very good usable means for public housing for youth and newlyweds.

Other Democratic Party lawmakers present at the meeting, including Han Jeong-ae and Oh Ki-hyeong, echoed the call for decisive action. Han highlighted the potential to use increased tax revenue from the semiconductor industry boom for substantial housing supply measures. Oh suggested allocating around 20 trillion won from these revenues towards public housing, tax credits, and loan interest support for young people. Kim is scheduled to meet with Mayor Oh on August 22nd to discuss housing supply issues, particularly regulations concerning redevelopment and reconstruction.

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It is absolutely not intended to damage the green space itself.