Oh Se-hoon Says "January 29 Measures Are a Step Backward... Seoul’s Solution Is Early Construction Start"

[Financial News] Oh Se-hoon, mayor of the Seoul Metropolitan Government, criticized the government’s January 29 ("1.29") housing supply package as "a regression to the past that turns a blind eye to the dire reality of the Seoul housing market and relies on ineffective, government-led schemes."
The People Power Party (PPP) and the Seoul Metropolitan Government announced that on the 2nd they held a "Real Estate Policy Council to identify problems with the January 29 housing policy and present alternatives" at the National Assembly of the Republic of Korea.
Oh said, "In Seoul, housing supply is an area where the private sector, which has been responsible for about 90% of supply, must play the central role," adding, "Ignoring that reality and putting forward an expansion of public-sector supply as the solution is an ideological approach that misses the essence of the problem."
He went on to say, "Even if the government did nothing more than ease the regulations introduced under the October 15 ("10.15") measures, rather than obsessing over the immediate announcement effect and forcing out headline supply figures, it could quickly secure a substantial volume of actual housing supply."
In particular, he argued, "The practice of unilaterally announcing sites without prior consultation with local governments or thorough verification of feasibility is nothing more than a déjà vu of the August 4 ("8.4") package, which has already been proven a failure."
The autonomous districts of Seoul have also pushed back against the government’s housing supply plan as a "unilateral announcement." Yongsan District and Dongdaemun District, both designated as key supply sites, each issued statements on the 29th and 30th of last month, saying they "regret the unilateral notification."
Regarding the selection of Taereung Country Club as one of the housing supply sites, he also pointed out, "If that is the standard, then development of the Seun District should also be possible."
Oh Se-hoon said, "For the Taereung Country Club site, there is already a past heritage impact assessment related to UNESCO World Heritage, and even if it is reassessed, it is unlikely that the conclusion will change significantly," adding, "About 13% of the site falls within a UNESCO World Heritage zone, so there is a high likelihood that resident opposition and controversy will recur."
He continued, "The Seoul Metropolitan Government will immediately implement its ‘fast-track strategy’ as a solution and confront the looming supply cliff head-on," and appealed, "We will use every possible means until effective policies are in place to stabilize housing for Seoul residents, and we ask for active support from the National Assembly of the Republic of Korea, including legislative measures."
He also stressed to the government, "The housing market is not something to be subdued, but a ‘reality,’" urging, "Even now, the government must clearly recognize the causes of market instability and the actual situation, and move to prepare effective countermeasures."
The Seoul Metropolitan Government plans to supply a total of 310,000 housing units in central Seoul by 2031, including 198,000 units in the Han River Belt that are favored by genuine end-users. In particular, it intends to bring forward the start of construction by one year for 254,000 units in areas where redevelopment and reconstruction zones have already been designated.

chlee1@fnnews.com Reporter Lee Chang-hoon Reporter