[EXPLAINER] Why Yongsan Park is Seoul's newest housing battleground
The government is considering using Yongsan Park, a proposed green space planned for a former U.S. military garrison, as a site for new housing construction as it searches for ways to expand supply and contain surging home prices in Seoul — a political issue that is increasingly dragging down President Lee Jae Myung’s approval ratings. The idea has pitted the central government against Seoul…
![[EXPLAINER] Why Yongsan Park is Seoul's newest housing battleground](/img/2023326)
Seoul's newest housing battleground could very well be Yongsan Park, a proposed green space once home to a U.S. military garrison. As the capital grapples with a housing crisis and soaring property prices, the government is eyeing the 3-square-kilometer site to expand housing supply for younger people struggling to find affordable homes.
This proposal has ignited a political showdown between the central government and Seoul Mayor Oh Se-hoon, who insists the site should be preserved as the city's last major green space. Speaking at a Cabinet meeting, President Lee Jae Myung directly challenged Oh's call for focusing on redeveloping aging buildings, warning that such action could fuel speculative demand and lead to another sharp increase in home prices.
The government remains committed to discussing the redevelopment of the area, determined to find a solution to Seoul's housing woes.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- [EXPLAINER] Why Yongsan Park is Seoul's newest housing battleground koreatimes.co.kr
