Seoul Mayor Oh Se-hoon strongly objected to the reported government plan to supply housing in Yongsan Children's Garden, calling it “something that must never happen.” At the real estate forum hosted by the Seoul Metropolitan Government on the 6th, denunciations poured out over the government real estate tax overhaul.

At the ‘Citizen Grand Debate for the Normalization of Real Estate’ held at Seoul City Hall that day, Mayor Oh said, “The government seems to be drawing up a plan to build tens of thousands of homes in Yongsan Children's Garden,” and added, “I can never agree to using even part of Yongsan Park for housing supply.”

Mayor Oh said, “In a city of 10 million people, extreme heat waves caused by climate change are inflicting great suffering on many citizens,” and, “As mayor of Seoul, I have a duty to take responsibility for preserving and managing green space to the greatest extent.” He added, “At least the Yongsan Park site must be preserved in its entirety and passed down to future generations.”

Yongsan District also issued a statement that day declaring opposition to the government plan to push housing supply within Yongsan Park.

Yongsan Children's Garden is a park created on 300,000㎡ of the Yongsan Garrison land returned by the U.S. military, and it opened in May 2023. Before formally creating the entire returned site as Yongsan Park, a portion was opened first so that citizens could use it.

The Special Act on the Creation of Yongsan Park stipulates that the returned land cannot be repurposed for non-park uses or disposed of through sale. To supply housing in and around the Children's Garden, an amendment adding an exception clause to the special act would be required.

Mayor Oh emphasizes expanding supply through redevelopment·reconstruction and the use of quasi-industrial zones. He also opposes lifting development restrictions in development-restricted zones (green belt). Regarding the recently announced tax overhaul, he said, “Is this not just driving up jeonse and monthly rents without containing home prices?”

Participants at the forum also criticized that the burden of the tax overhaul, aimed at ultra-high-priced homes, non-resident single-home owners, and multiple-home owners, will ultimately be shifted onto non-homeowning ordinary citizens.

Kim Yong-hyeok, who runs a real estate brokerage in Gangseo District, said, “The government measures heavily constrain multi-home owners, and even single-home owners are in a situation where they must evict tenants and move in,” and asked, “When rental listings in Seoul have dried up, where should tenants go?” He added, “If people are driven into the sales market, home prices can only keep rising.”

There were also views that private rental business operators should be recognized as supply actors. Jung Jae-Hoon, a professor at Dankook University, said, “With existing regulations already creating a ‘triple rally’ in sales·jeonse·monthly rents, this tax overhaul is like pouring oil on the fire.” He added, “The role the public sector can play in the rental market is only around 10~20%, and mechanisms are needed to recognize and accommodate private rental operators to secure private rental supply.”

There were also warnings that elderly residents who have lived long in their homes, seen prices surge, but have no income could be forced by tax burdens to sell and leave their neighborhoods against their will. Kim Je-kyung, head of Toomy Real Estate Consulting, said, “There is even talk of a ‘21st-century Goryeojang.’”

Yoon Ji-hae, head of the Research Lab at Real Estate R114, said, “President Lee Jae Myung has said that a ‘single smart home’ sits at the root of rising home prices, but the tax overhaul includes elements that reinforce this, which is contradictory.” Yoon added, “Whether public or private, increasing supply is crucial,” and, “All available resources, including redevelopment·reconstruction and new site development, must be fully mobilized.”