Seoul Mayor Slams Government Real Estate Plan, Citing Rental Cost Fears

Seoul Mayor Oh Se-hoon has sharply criticized the national government's new real estate tax reform package, warning it will lead to greater market chaos rather than stability. Speaking at a public forum on August 6, Oh expressed concerns that the measures, while failing to curb rising housing prices, will inevitably push up rental costs.

"This real estate tax reform plan can be summarized as failing to control housing prices while only increasing rents," Oh stated. He voiced particular worry for elderly citizens on fixed incomes, suggesting they might be forced to sell long-held properties due to tax burdens.

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This real estate tax reform plan can be summarized as failing to control housing prices while only increasing rents.

The mayor urged citizens to participate in the discussion to pinpoint the plan's shortcomings. "We must identify the problems with this plan today with all of you Seoul citizens," he said. "We need to present a path forward on how to minimize this confusion by making necessary revisions, even at this late stage."

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We must identify the problems with this plan today with all of you Seoul citizens. We need to present a path forward on how to minimize this confusion by making necessary revisions, even at this late stage.