Seoul has pushed back against the central government’s proposal to use greenbelt land for housing as part of a broader plan to expand supply and stabilize the real estate market, saying protected green spaces should be preserved for future generations and used for development only as a last resort. The city also criticized the package for being announced without sufficient prior consultation despite its impact on residents and the housing market. At the same time, Seoul endorsed several redevelopment and reconstruction measures in the plan, including lowering the consent threshold to form a redevelopment association (official landowner group that manages a project) to 70% from 75%, revising loan-to-value or LTV (loan size relative to collateral value) calculations for relocation loans, easing some private contract award rules and relaxing certain park and green space requirements. The city said urban redevelopment in areas with existing jobs and transport links would be the most effective way to meet housing demand, called for more consultation on public-led housing sites and said the Yongsan International Business District should add homes without weakening its role as an international business hub. Seoul also said omitted measures, including changes to transfer rules for redevelopment association membership, higher floor area ratios and adjustments to rental-unit requirements, are important to project feasibility. It added that financial easing alone may do little for jeonse (lump-sum deposit lease) and monthly rental stability unless tax and owner-occupancy rules are also reviewed, including the Aug. 3 tax reform plan.