Oh Sehoon Signals Third Term Bid: "Will Watch Citizens' Evaluation"... Accelerating Housing Supply with Housing Promotion Fund

Seoul Mayor Oh Sehoon's 3rd Anniversary Press Conference
"I Will Work Hard for the Remainder of My Term and Watch How Citizens Judge My Performance"
"Civic Evaluation in the Housing Sector Is the Key Measure"
Pledges Faster Housing Supply with the 'Housing Promotion Fund'

Seoul Mayor Oh Sehoon has hinted at his intention to seek a third consecutive term (five terms in total). Amid ongoing speculation about his potential third term as mayor following his announcement not to run in the last presidential election, Mayor Oh stated, "I will work very hard during the remaining period and watch how citizens judge my performance." Regarding real estate market management, which has faced controversy over the lifting and re-designation of land transaction permit zones, he announced a plan to accelerate housing supply through the 'Housing Promotion Fund.'

At the 3rd anniversary press conference of his current term held at Seoul City Hall on the morning of the 16th, Mayor Oh remarked, "The more you work, the more there is to take care of, and as your ambition for work grows, you begin to see things you didn't notice before and want to try new things." This is interpreted as an indication of his intention to seek a third consecutive term and a fifth overall term as Seoul Mayor in next year's local elections.

Seoul Mayor Oh Sehoon is speaking at the '3rd Anniversary Press Conference of the 8th Elected Term' held on the 16th in the main conference room of Seoul City Hall. Seoul City

On this day, Mayor Oh introduced policies such as Didimdol Income and Seoul Learn, which support vulnerable groups, as well as Sonmok Doctor 9988 and Hangang Bus, evaluating the changes in Seoul over the past three years as "the result of an everyday revolution."

He cited changes in green spaces and waterfront areas as the greatest achievements of his 8th elected term. Mayor Oh said, "At the beginning, these were ambitious goals, but by establishing the Garden City Bureau and creating urban gardens close to residential areas, we have focused all efforts on expanding green spaces along urban axes," adding, "We made various investments to create leisure spaces in daily life, and I am confident that this has been a decisive factor in improving the quality of life for Seoul citizens."

Regarding the one year remaining until next year's local elections, he stated, "I am most wary of the word 'wrapping up.' From now on, it will be an even more intense period of execution and challenge," and added, "I will ensure that the changes we started together with citizens lead to greater and more tangible results."

One of the areas where Mayor Oh forecast the greatest changes is the real estate market. Reflecting criticism that the move to lift the land transaction permit system earlier this year led to rising housing prices in Seoul, he emphasized a focus on expanding supply. First, he will introduce the 'Seoul Housing Promotion Fund.' This plan involves providing financial incentives for actual costs such as construction and land acquisition by the public sector, thereby encouraging private sector investment. Mayor Oh stated, "We expect to secure about 2 trillion won over 10 years by allocating 200 billion won annually. In addition to the previously planned supply, we can provide an additional 2,500 housing units each year," adding, "This could serve as a decisive turning point to further increase both the speed and incentives for housing supply. We will remain focused on the goal of normalizing the market by ensuring sufficient housing supply."

Regarding the public redevelopment and reconstruction revitalization measures proposed by the government and ruling party, he said, "Verification of which system is effective for achieving the target has already been completed," and continued, "After several years of operation, I have seen that even areas initially designated for public redevelopment have shifted toward private redevelopment. The 'Shintong Planning' system is more efficient and faster than public redevelopment or reconstruction. Ultimately, a good policy is one that supplies a large quantity of quality housing quickly."

Since housing supply is the fundamental solution to alleviate the anxiety of actual demanders, he also proposed stricter management measures until the point of completion after construction begins. He mentioned easing the consent rate required for direct association establishment subsidy support and expanding the adoption of electronic voting as systems to accelerate project speed. Mayor Oh explained, "Based on the 'Seoul Housing Master Plan,' we will expand tailored supply on site and thoroughly manage the process from groundbreaking to completion," and added, "What matters is to start construction and move in quickly, and it is important to remove obstacles and introduce systems that facilitate this process."

When asked about his bid for a third term, he replied, "I will clarify my position while watching the evaluation of citizens," thus expressing his intention to run in next year's local elections. However, he also said, "The evaluation of citizens in the housing sector will serve as a gauge," and added, "The most important aspects of running the city are housing and transportation, and there have been remarkable changes in the housing sector."

The preparation system for a fifth term is already underway. Kang Chulwon, a key aide to Mayor Oh and former Deputy Mayor for Political Affairs, has returned as the 'Seoul Brand General Manager' directly under the mayor, and the organization has been reorganized by establishing new specialized term positions such as Media Content Advisor, Chief of External Cooperation, and Chief of Housing and Real Estate Policy. An official familiar with the city government explained, "By placing personnel with a high understanding of city administration at the forefront, we are accelerating the stabilization of Seoul's administration and preparing to appoint key aides as major staff members in next year's local elections." Mayor Oh stated, "There are numerous indicators to assess a city's competitiveness, but Seoul's true competitiveness lies in the daily lives of each and every citizen," and added, "During the remainder of my term, I will work even harder, closer to the citizens, and with greater humility for your daily lives."