Oh Se-hoon, the Mayor of Seoul, criticized the government's tax reform plan, stating it could lead to rising rental prices without effectively controlling housing costs.
During a forum on real estate normalization held at Seoul City Hall on the morning of August 6, Oh expressed concerns about the government's proposed tax reforms.
He summarized the recently announced tax reform plan by saying, "It can be summarized as failing to control housing prices while only increasing rental costs." He added, "As concerns grow that the real estate market will become even more chaotic, we need to identify the issues with the policy and seek ways to minimize confusion by addressing necessary adjustments now."
Oh also raised worries that elderly individuals, facing cash flow issues due to tax burdens, might be forced to sell their properties against their will or be pushed out of the market. He emphasized the need to discuss the frustrations surrounding the government's tax reform and to ensure that experts' voices are adequately conveyed in policy discussions.
The forum in Seoul was held shortly after President Lee Jae-myung shared the government's policy direction during a national discussion on real estate on July 23, followed by the announcement of the tax reform plan on August 3.
The event began with opening remarks from Mayor Oh and lasted approximately 90 minutes. Participants included young people without homes, one-home non-residents, private rental business operators, and real estate experts, who engaged in open discussions centered on three main topics: tax reform, the rental market, and housing supply. Notable experts included Lee Chang-moo, a professor of urban engineering at Hanyang University; Noh Hee-cheon, a professor of accounting at Soongsil University; Yoon Ji-hae, head of the research lab at Real Estate 114; Choi Won-kyu, a tax accountant; and Jeong Jae-hoon, a professor of urban planning and real estate at Dankook University.
Seoul City plans to gather citizen opinions through real-time comments and video connections during the forum, which will be streamed live on YouTube. After the event, the city will compile and publicly share the feedback from citizens and responses from experts.
* This article has been translated by AI.
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