(EDITORIAL from Korea JoongAng Daily on Aug. 10)

Seoul's housing crisis has sparked a controversial proposal. A ruling Democratic Party lawmaker suggested turning decommissioned buses into short-term housing for young people near university campuses. The idea, likened to Amsterdam's practice of converting ships into homes, was meant as a quick, inexpensive solution to the housing shortage.

However, it quickly drew criticism. Social media users questioned its feasibility and accused young people of being treated like refugees. The Democratic Party attempted to downplay the issue, but the ruling party's lack of clear solutions to the worsening housing shortage has fueled the debate. The metropolitan housing market is experiencing a "triple surge," with prices rising for home purchases, long-term leases, and monthly rents.

Young people and lower-income households are increasingly turning to buying more affordable apartments, often stretching their finances. Those who can't afford even that are being pushed farther from Seoul, exacerbating the upward pressure on housing prices across the region. Despite announcing plans for additional housing supply measures, progress remains slow due to opposition from local residents and coordination difficulties with local governments.

The government's proposed tax reforms could further widen the rental housing shortage. The ruling party's approach, which sidelines reconstruction and redevelopment of old apartments and increases property holding and capital gains taxes, has been called into question. The housing market may soon face an unprecedented crisis, prompting calls for the government to rethink its policy direction and implement realistic measures to increase housing supply.