Seoul Mayor Oh Se-hoon: “I will never agree on supplying housing in Yongsan Park”

Seoul Mayor Oh Se-hoon has made clear his opposition to proposals that have recently surfaced in some quarters to build housing within the Yongsan Park site, saying he “cannot agree under any circumstances.” He also formally urged the government to change its approach toward redevelopment and reconstruction projects and strengthen support for private rental housing providers.
Speaking at the conclusion of the “Citizens’ Grand Debate on Normalizing the Real Estate Market” held at Seoul City Hall on Wednesday, Oh expressed opposition to recent discussions about using parts of Yongsan Park, including the Children’s Garden area, for housing development.
“Although the Ministry of Land, Infrastructure and Transport says this is not its official position, I am concerned that such remarks continue to surface,” Oh said. “There is a saying that no matter how desperate times become, you do not eat the seeds meant for planting.”
He continued, “Managing green space amid intensifying heat waves caused by climate change is the duty of the mayor of Seoul,” adding, “We must feel a profound responsibility to preserve the entire 300,000-square-meter Yongsan Park site and pass it on to future generations.”
Oh also revealed that he met with Presidential Chief of Staff for Policy Kim Yong-beom the previous day and asked the government to reconsider its policy stance toward urban redevelopment and reconstruction projects.
In particular, he pointed to recent remarks by President Lee Jae-myung during the “National Public Debate on Real Estate Policy,” which he said appeared to downplay the increase in housing supply generated through redevelopment and reconstruction.
“Reconstruction projects increase the housing stock by an average of 40 percent, while redevelopment projects increase it by about 25 percent,” Oh said. “I strongly emphasized that if the government creates the impression that it is hostile to redevelopment and reconstruction, it could send the wrong signal to the market, leading to expectations of delayed housing supply and higher home prices.”
Responding to government concerns that redevelopment projects could fuel demand in the rental market as residents relocate during construction, Oh argued, “Managing the pace of individual projects is an operational matter that the Seoul Metropolitan Government can handle. That is no reason to adopt a hostile stance toward redevelopment and reconstruction themselves.”
Oh also stressed the need to ease regulations by providing financial and tax incentives for private rental housing operators. “Simply imposing heavier taxes on existing homeowners will not solve the housing shortage or instability in the rental market,” he said. “A far more valuable policy approach is to create lending and tax conditions that encourage private rental housing providers to participate actively in supplying homes.”