Bus housing idea deepens Seoul supply backlash

As the housing shortage in the Seoul metropolitan area deepens, a senior lawmaker from the ruling Democratic Party (DP) has come under fire after proposing that decommissioned buses be converted into housing for young people. On Friday, Rep. Hwang Hee of the DP cited Amsterdam's practice of converting ships into homes and suggested remodeling retired buses into short-term housing for young people near university campuses. His argument was that because the government's housing supply measures may take time to materialize, "bus houses" could serve as an immediate alternative that would be inexpensive and quick to provide.

The proposal, however, was met almost instantly with questions about its feasibility and angry accusations that young people were being treated like refugees. Facing a fierce backlash on social media, Hwang explained that he had merely been offering an idea and deleted the post. The DP also moved to contain the damage, asking the public to regard the episode as little more than a "slight mishap." Yet given the ruling camp's recent failure to present a clear solution to the worsening housing supply crunch beyond curbing demand and raising taxes, it is fair to ask whether the episode can really be dismissed as a mere gaffe.

The metropolitan housing market is now locked in a "triple surge," with prices rising not only for home purchases but also for jeonse (long-term lease) and monthly rents. Young people and lower-income households squeezed by the severe shortage of rental housing are reluctantly turning to buy relatively affordable apartments, often stretching their finances to do so. Those who cannot afford even that are being pushed farther away from the Seoul metropolitan area, spreading the upward pressure on housing prices across the entire region.

The government has also announced plans to unveil additional housing supply measures. The problem is that even the major sites designated under last September 7 package and this year's January 26 measures have made little progress, hampered by opposition from local residents and difficulties in coordinating with local governments. Despite the gravity of the situation, the government and ruling party still appear remarkably complacent.

They have effectively sidelined reconstruction and redevelopment of old apartments, among the most realistic channels for increasing housing supply, while pushing ahead with tax reforms that could further aggravate the rental housing shortage. Under these circumstances, can the market possibly take seriously the government's pledge of "we will supply houses no matter what"?

The metropolitan housing market is heading toward an unprecedented crisis. The ruling camp should fundamentally rethink its misguided policy direction, including tighter regulations on reconstruction and redevelopment and higher property holding and capital gains taxes. Above all, it must devote every effort to producing realistic measures that can actually put more homes on the market.

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