Oh Se-hoon "300 Won Bus Fare Increase Needed, Subway Fare Should Be Discussed with Gyeonggi and Incheon"

1st Anniversary Press Conference of the 8th Elected Term
"Seoul City's Position: The Lower the Housing Prices, the Better"

Seoul Mayor Oh Se-hoon reiterated that his position remains unchanged on the need to raise subway and bus fares by 300 won to resolve the public transportation deficit. He also emphasized that he will continue to consult with the central government regarding the fare increase.

Seoul Mayor Oh Se-hoon is holding a press conference on the first anniversary of his inauguration at Seoul City Hall on the 3rd. Photo by Yonhap News

At a '1st Anniversary Press Conference of the 8th Elected Term' held at Seoul City Hall on the 3rd, Mayor Oh said, "My stance that raising subway fares by 300 won is necessary to eliminate the deficit remains unchanged," adding, "Although the Seoul Metropolitan Council's opinion hearing has concluded, cooperation with the central government, which insists on restraining the fare increase, has delayed the timing of the hike."

Regarding the public transportation fare increase, he stated, "We have been very restrained in raising fares so far, but at the end of last year and the beginning of this year, we took the difficult measure of proposing a fare increase," adding, "Seoul Transportation Corporation faces a massive deficit of 1.2 trillion won, and Seoul buses have an 850 billion won deficit, reaching an unsustainable level."

Seoul plans to hold a Price Countermeasure Committee meeting in mid-June to finalize the fare increase plan. The fare hike approved by the committee is expected to be applied as early as the end of August. Previously, the city planned to raise subway fares by 300 won in April, but postponed it to the second half of the year in line with the government's public utility price freeze policy. Recently, Korea Railroad Corporation (KORAIL) proposed raising fares by 150 won in the second half of this year and an additional increase next year.

Mayor Oh explained, "Regarding the bus fare increase, I sent an SOS to the Ministry of Economy and Finance, but the response was that there is 'no legal basis' for it," adding, "In the case of the subway, since the living area includes not only KORAIL but also Seoul, Gyeonggi Province, and Incheon, discussions must be held with them as well."

Meanwhile, regarding the 1st anniversary of the 8th elected term, Mayor Oh said, "The most important thing during the remaining term is to complete the pledged projects promised to the citizens," adding, "We will continuously improve the completeness of policies so that changes can be felt in the field of people’s livelihoods, as well as through measurable results."

He continued, "We have upgraded major projects that were halted and neglected over the past 10 years and concretized them into policies such as 'Seoul Administration 2.0,' 'Hangang Renaissance 2.0,' and 'Design Seoul 2.0,'" adding, "We have also not neglected urban safety projects, which will serve as the foundation and strong shield for the 'Companion and Attractive Special City, Seoul.'"

He promised that during the remaining term, based on the top-level spatial plan '2040 Seoul Urban Plan,' he will realize a grand transformation of Seoul through 'Beyond Zoning,' which relaxes unnecessary regulations on urban development.

Seoul Mayor Oh Se-hoon is holding a press conference on the first anniversary of his inauguration at Seoul City Hall on the 3rd. Photo by Yonhap News

In this regard, Mayor Oh emphasized the future tasks of Seoul city administration as ▲establishing future welfare policies ▲improving housing conditions for vulnerable groups ▲enhancing urban competitiveness and citizens' quality of life ▲advancing to a 'Global Top 5 City' ▲and entering the era of 30 million overseas tourists.

In a Q&A session with reporters, when asked about the most meaningful and successful part of the past year, Mayor Oh said, "There was a performance announcement of 'Seoul Run,' a project linked with vulnerable groups," adding, "I was deeply moved by a single parent's brief introduction of the changes in their middle school child."

Regarding the recent unusual rise in housing prices, he stated, "Seoul's basic position is that 'the lower the housing prices, the better,'" but added, "However, this view may differ somewhat from the central government’s, as the negative economic impact caused by downward stabilization of housing costs is not insignificant." He further explained that rising housing prices exacerbate residential polarization and widen asset gaps.

He continued, "Therefore, there may be some perception gaps between the central government, which manages housing prices nationwide, and Seoul city, which manages housing prices including Gangnam," adding, "However, in any case, Seoul city will do its best to suppress the rise in housing prices in Gangnam independently."

Regarding next year's general election, Mayor Oh drew a line by saying, "Since I am in the position of a local government head, I refrain from making specific remarks." However, he added, "I hope our party focuses on employment growth," and said, "I want to send a message that demonstrating policy success helps build the country's future together."