In the early hours of Jan. 20, just before 6:30 a.m., a blaze of unknown origin broke out in Guryong Village, one of Seoul’s last remaining shanty villages. It took 900 firefighters to extinguish the fire, but it consumed at least 60 of the villagers’ dwellings before they did.

The fire originated on the periphery of Seoul’s most expensive neighborhood, Gangnam. Although apartment prices in all Gangnam neighborhoods declined slightly due to rate hikes last fall, prices are still out of reach for many. This month, the rent for an officetel — a building used for commercial and residential purposes — went on the market for $366 (450,000 KRW) per week.