Oh Se-hoon: “15,000 homes to break ground under Rapid Integrated Planning ... Ease regulations to prevent supply interruptions”

[Financial News] Seoul Mayor Oh Se-hoon said he would address difficulties on the ground and unreasonable regulations to ensure housing supply continues without interruption.
Mayor Oh said at the National Assembly Land, Infrastructure and Transport Committee’s audit of Seoul City, held at Seoul City Hall in Jung-gu, Seoul, on the 19th, “The supply foundation we have steadily built up is now finally translating into groundbreaking and move-ins.”
“The foundation of quality of life rests in part on stable housing,” Mayor Oh said, explaining that “Seoul has been accelerating urban renewal projects through Rapid Integrated Planning, guided by the principle that sufficient and sustained supply is the starting point for reducing housing insecurity.”
He added, “This year, 15,000 housing units have actually begun construction, and Moa Housing also celebrated the completion of its first project in August.”
He said the city would also take active steps to address the worsening squeeze in the jeonse and monthly rental markets. Mayor Oh said, “We will ease the burden of housing costs and expand the foundation for private rental housing supply to support stability in the rental market.”
He also said, “How fully people can enjoy a city’s richness is an important factor in quality of life,” adding, “I will fully draw out the potential found throughout Seoul.” He then outlined a plan to create a cultural-industry hub in northeastern Seoul centered on the Seoul Arena in Chang-dong and lead new growth in the Gangbuk area.

[email protected] Jeon Min-kyung Reporter