Seoul Mayor Oh Se-hoon criticizes government real estate policy failures

Seoul Mayor Oh Se-hoon has criticized the central government and the ruling Democratic Party for the failure of real estate policies, urging them to acknowledge mistakes and shift their policy direction. In a social media post titled ‘Seoul Metropolitan Government’s Letter of Apology, I Recommend You Read It,’ Oh addressed the one-year anniversary of the ‘10·15 real estate measures.’

Oh highlighted a recently published white paper, ‘20 Years of Evaluation and Reflection on Seoul’s Housing Supply Policy,’ which serves as a self-reflection by Seoul city officials. He specifically pointed to the tenure of former Mayor Park Won-soon, noting that the cancellation of 389 redevelopment zones resulted in the loss of potential housing supply for approximately 430,000 units.

According to the white paper, these cancellations occurred even in areas where project committees had been formed or business implementation permits had been granted. Oh argued that these decisions, driven by a hostile view of redevelopment and reconstruction as speculation, have led to a current ‘housing supply cliff.’ He urged political leaders to focus on the lives of citizens burdened by high housing costs rather than attacking his administration.