"Dakgong" was originally a soccer tactic used by Jeonbuk Hyundai, a K-League powerhouse. At the 2011 media day, Jeonbuk coach Choi Kang-hee declared, "This year we will attack no matter what — 'dakgong.'" True to his words, Choi deployed extreme attacking tactics even in games he was winning by wide margins. While teams typically strengthen their defense when leading 3-0, Choi instead pulled out a tactic of adding more attackers. As a result, Choi rose to the ranks of the master coaches with the most wins in K-League history.
Dakgong is frequently mentioned in the real estate market these days. It is used as an abbreviation for "supply no matter what." Ahead of the June 3 local elections, Seoul Mayor Oh Se-hoon called for dakgong early on, and even the presidential office recently made a similar argument. Kim Yong-beom, chief of the presidential policy office, threw his weight behind expanding supply, saying, "Now is the time to build no matter what." It is widely known that housing supply in Seoul is insufficient. During the tenure of former Seoul Mayor Park Won-soon, redevelopment projects contracted severely as policies focused on the "35-story rule" and urban regeneration. In addition, the fallout from the project financing (PF) crisis that erupted in 2022 led to a sharp drop in housing permits and construction starts, resulting in the current supply drought. It is a reality no one can easily deny that market instability is emerging because supply has contracted while housing demand has not fallen.
So how should supply be handled? Jeonbuk's dakgong did not weigh the circumstances. Whether scoring the opening goal or conceding the opening goal, Choi maintained a consistent tactical flow of strengthening the attack in the same way. In this process, there were of course problems such as a weakened midfield or increased defensive burden. He also gave up games he should have won due to defensive instability. But Choi held firm and preserved attacking soccer, achieving the feat of winning the K-League championship.
Housing supply is likewise no longer a matter of merely shouting "dakgong." No one denies the fundamental premise that housing supply must be increased. The problem is whether the government truly has the will to carry out dakgong tactically. For areas that lack sufficient idle land, such as Seoul, supplying housing through redevelopment projects is the surest solution. President Lee Jae-myung has also repeatedly expressed his will to revitalize redevelopment projects, including high-density development in urban centers.
But the reality is entirely different. When all of Seoul was designated a housing-regulated area last year, relocation loans for reconstruction complexes were limited to a 40% loan-to-value (LTV) ratio for single-home owners. For multi-home owners, the LTV is 0%. This means that even if a home is demolished for reconstruction, they cannot receive a single won in relocation loans. It is a situation where reconstruction is impossible even if one wishes to do it.
What about the "social mix" policy that the Seoul city government has upheld like a "treasured sword" across both progressive and conservative mayors? For apartments in Seoul's "Han River belt," market prices differ by hundreds of millions of won depending on the Han River view. This is why a 113-square-meter unit at Acro River Heim in Dongjak-gu recently traded for around 4.8 billion won. That price was more than 1.3 billion won higher than the previous record for the same housing type. This result occurred because this property's Han River view rights are overwhelmingly superior.
For older complexes in major Seoul districts, regardless of whether prices are high or low, rental housing must be built in order to carry out redevelopment projects that raise the floor area ratio. The same applies to Apgujeong Districts 1-6, the most closely watched redevelopment sites this year. Under current regulations, rental housing and member units are decided through a lottery without discrimination. From the members' perspective, unfair cases can arise where they must give up the Han River view — a value they cannot relinquish — to rental housing. Because of this, all kinds of gimmicks abound and redevelopment projects even stumble. Is putting rental housing into Apgujeong Hyundai truly the best option? If public contributions were received in cash from members and pooled into a fund, then used to build comfortable for-sale or rental housing at other locations within Seoul, supply could easily be increased even further.
Beyond this, there are more than a few "thorns under the fingernail" regulations, such as the rental housing ratio for redevelopment projects, which is excessive compared to reconstruction. Merely shouting "dakgong" is nothing but an echo in the void. Just as Jeonbuk did, change occurs only when one takes an offensive stance even while bearing a defensive burden. Even if some regulations have positive functions, it is desirable to set them aside for the time being in order to carry out aggressive supply. The success of dakgong rests entirely on the government's will.
