Seoul Mayor Opposes Housing on Yongsan Park Site, Urges Policy Shift

Seoul Mayor Oh Se-hoon has declared his strong opposition to any plans for housing development on the Yongsan Park site. "I can never agree to it," he stated, emphasizing the critical need to preserve the park's green spaces for future generations.

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I can never agree to it.

Speaking at a public forum on real estate stabilization, Oh expressed concern over ongoing discussions about utilizing parts of Yongsan Park, including the children's garden area, for housing. He invoked the saying, "Even in desperate times, you don't eat the seed corn," to highlight the importance of protecting this vital urban green space. The mayor stressed his duty to manage Seoul's green areas, especially amid rising temperatures due to climate change, and felt a profound responsibility to pass on the entire 300,000-square-meter park to posterity.

Oh also revealed that he had met with a presidential policy advisor to request a review of the government's policy direction regarding redevelopment and reconstruction projects. He specifically addressed recent remarks by President Lee Jae-myung that seemed to downplay the impact of increased housing supply through these projects. "Reconstruction increases new housing units by an average of 40%, and redevelopment by about 25%," Oh explained, warning that a perception of government hostility toward these projects could send the wrong signal to the market, potentially leading to price hikes due to delayed supply.

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Even in desperate times, you don't eat the seed corn.

Addressing concerns that the demand from displaced residents during redevelopment could destabilize the rental market, Oh argued that this is a practical issue Seoul can manage by pacing construction. He asserted that it should not be a reason for a hostile stance against redevelopment itself. Furthermore, the mayor advocated for deregulation and incentives for private rental housing providers, including financial and tax benefits. He believes that simply increasing taxes on existing homeowners is insufficient to solve the housing shortage and rental instability, and that creating a favorable environment for private rental suppliers would be a more valuable policy approach.

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Reconstruction increases new housing units by an average of 40%, and redevelopment by about 25%.