Heatwave and Real Estate [Eureka]

The scorching summer of this year has been dominated by two hot topics in Korean society: extreme heat and real estate. While heatwaves are a natural phenomenon closely related to climate change, experiencing them firsthand happens within the confines of our homes and neighborhoods. Social scientists like Eric Klainberg analyze the impacts of heatwaves not as natural disasters but as products of social structures.

In his book "Heat Society," Klainberg argues that heatwaves affect everyone equally, but the ability to cope with them varies, leading to unequal experiences. After investigating the Chicago heatwave of 1995, Klainberg found that social isolation among the elderly, decayed public facilities, and poor housing were contributing factors to higher death rates in certain areas.

In a single city like Seoul, the effects of heatwaves also vary. On July 27th of last year, when the highest temperature in Seoul reached 38 degrees Celsius, the perceived temperature in Gangbuk-gu's Songcheon-dong reached 45.5 degrees, while in Dongjak-gu's Sadam-dong, it was a cooler 32.9 degrees, a difference of 12.6 degrees.

The density of housing and buildings, the area covered by asphalt and concrete, and the size of parks and forests all influence the intensity of heat stress. Research by the Forest Service shows that urban forests can lower surrounding temperatures by 3 to 7 degrees. In the real estate market, the concept of "forest rights" is already reflected in property prices.

The growing trend of viewing houses primarily as assets rather than solely as living spaces is resulting in widening inequality in one's ability to withstand natural disasters like heatwaves. Parks and forests are no longer just social infrastructures that protect citizens' health but have become private assets. This shift has sparked backlash against the government's proposal to gradually increase property tax burdens on high-value and vacant properties, referred to as "punitive taxation" or "tax bomb," for the 2026 tax reform.

The debate surrounding this issue highlights the need to recognize the role of parks, trees, and other social infrastructures in creating comfortable living environments. A remarkable example is New York City's plan to ensure that its urban forest covers 30% of the city's area by 2040. By expanding the shadow provided by trees across the entire city, New York aims to significantly improve urban living conditions.

This approach emphasizes the importance of considering the public functions of land and space in creating healthy environments for citizens, a stark contrast to Korea's focus on asset value for homeowners.