Oh Se-hoon, Kwon Young-se oppose 10,000 housing units in Yongsan, warn of damage to international business district role

[Financial News] Oh Se-hoon, the mayor of Seoul, and People Power Party lawmaker Kwon Young-se, who represents Yongsan in Seoul, met on the 6th and expressed their opposition to the government’s plan to supply 10,000 housing units in the Yongsan International Business District (YIBD).
During a meeting held that morning in the mayor’s office at Seoul City Hall, Mayor Oh said, "Housing within the Yongsan International Business District must be supplied only to the extent that it preserves the district’s international business function." He added, "Given the practical conditions, the originally planned maximum of 8,000 units is appropriate."
Oh particularly stressed, "This is a place meant to secure new growth engines, so the plan should not be constantly shaken by housing market conditions or shifting policy priorities." He continued, "At this moment, speed matters more than sheer volume. It is hard to understand on reasonable grounds why the government is acting this way."
In response, Kwon said, "Speed is extremely important if we want to resolve real estate issues quickly." He warned, "If the government pushes ahead with supplying 10,000 units, there is a high chance that the housing will not be delivered on time."
Late last year, the Seoul Metropolitan Government proposed supplying up to 8,000 units in the area, taking into account plans to build schools and other infrastructure. However, the government did not accept this and, in its January 29 housing supply plan, announced a policy to provide 10,000 units.
After the meeting, Kwon told reporters, "Mayor Oh and I shared deep concern that the January 29 plan to expand housing supply in downtown Seoul is being pushed forward without listening to voices on the ground." He added, "We agreed that if the government sticks to a one-sided push to increase housing numbers indiscriminately, it will undermine the function of the Yongsan International Business District and create a poor residential environment."
The Seoul Metropolitan Government and Kwon’s office plan to hold a public forum with experts and citizens under the theme "Yongsan International Business District and housing supply in Seoul" to flesh out their response. Kwon explained, "We will invite comprehensive urban experts, local parents’ representatives, and youth representatives to create a public venue to discuss what kind of development residents want for the international business district." Kim Byung-min, Seoul Vice Mayor for Political Affairs, said, "Through the forum, we will add expert and local resident opinions to the city’s concerns, deliver them to the government, and strongly demand that the proposals be reflected."
ming@fnnews.com Jeon Min-kyung Reporter