New Year’s press conference held on the 10th
"Incentives to increase housing supply are desirable"
Seoul Mayor Oh Sehoon directly criticized the central government’s real estate policy, including regulations on multiple-home owners, saying such measures are not sustainable and that "we must enable the supply of a large number of homes."
On the 10th, at a New Year’s press conference held at Seoul City Hall, Mayor Oh commented on President Lee Jae-myung and the government repeatedly bringing forward regulations on multiple-home owners in recent days as a means to stabilize housing prices, saying this "goes against the essence of the market."
He said, "The policies announced by the government are effective for only about two to three months. It is physically possible in some form to pressure multiple-home owners by using legislative power, but is that sustainable?" He went on to point out, "This goes against the essence of the market."
Mayor Oh argued, "My long-held belief is that simple multiple-home owners and rental business operators must be distinguished," adding, "Real estate is a type of good. We need to ensure sufficient supply, but if we suppress and shrink supply, in the long run it is not sustainable."
He continued, "Developers who build housing are important, but there are clearly companies that supply those homes and pursue profit," and added, "A desirable long-term policy is to attract profit and incentives so that many homes can be supplied, and to establish market order in that way."
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