Ruling Party Reiterates Proposal to Invest in Yongsan Park Housing and an Additional 20 Trillion Won in Tax Revenue

[Financial News] The Democratic Party of Korea reiterated on the 20th its plan to use state-owned land around Yongsan Park to supply public housing for young people and newlyweds. It also revived a proposal to invest up to 20 trillion won in additional tax revenue, boosted by the semiconductor boom, to help stabilize housing for young people.
Democratic Party lawmakers representing districts in Seoul held a forum at the National Assembly with young Seoul city and district council members to discuss ways to expand housing supply in the capital.
Kim Young-bae, the party's Seoul chapter chair, cited the former U.S. military housing at Camp Kim, a returned base on the outskirts of Yongsan Park, and the former site of the Defense Acquisition Program Administration. He said, "The state-owned Yongsan site is a key supply tool that the government can use to control the volume of housing starts, so it can be used for public housing for young people and newlyweds."
Addressing concerns about damage to green space, he added, "We are absolutely not saying that the green space itself should be destroyed." He explained, "We are talking about reviewing large areas that have already lost their green-space function, as well as returned U.S. military sites near transit hubs that are deemed usable."
The party also reiterated its plan to use additional tax revenue for youth housing supply. It had previously argued that up to 20 trillion won should be used to support housing stability. Oh Gi-hyoung said, "I think around 20 trillion won of the additional tax revenue should be used for youth housing supply," adding, "It could be spent on public housing supply, tax support, or loan interest assistance."
Han Jeoung-ae, who heads the Democratic Party's Housing Market Stabilization Task Force and serves as the party's secretary-general, said, "From next year, the tax revenue situation may remain relatively solid for several years." She added, "We will work to ensure that this unprecedented tax revenue situation leads to bold measures and plans for housing supply at both the government and National Assembly levels."

[email protected] Song Ji-won Reporter