Seoul Mayor Oh Se-hoon criticizes President Lee's real estate policies

Seoul Mayor Oh Se-hoon has engaged in a sharp political dispute with President Lee Jae-myung regarding real estate policies and the rising cost of living in the capital. During a housing policy forum, Oh criticized the current administration's approach, arguing that the President's policies are likely to drive prices higher rather than stabilize them. Oh specifically blamed the current rental crisis on an excessive focus on owner-occupancy requirements, which he claims has caused a shortage of rental properties.

Oh also defended his administration's record, countering claims that his policies caused price surges. He attributed the current supply shortage to the previous administration under Park Won-soon, which he stated canceled 389 redevelopment and reconstruction zones, resulting in a loss of 430,000 potential housing units.

Regarding Seoul's housing supply, the city reported that new redevelopment zone designations have doubled over the last five years compared to the previous decade. The Seoul Metropolitan Government aims to break ground on 310,000 units through redevelopment projects by 2031. The city also plans to supply an additional 130,000 public housing units by 2031 to address long-term stability.