Oh Sehoon’s New Year Press Conference as Mayor of Seoul
"Government plans effective for only 2?3 months... run counter to the essence"
"Multi-homeowners and rental business operators must be distinguished"
On People Power Party infighting: "A side effect caused by the leadership’s excessive ambition"
On the suspension of the "Garden of Appreciation": "The problem begins with the order to investigate"
Oh Sehoon, Mayor of Seoul, criticized President Lee Jaemyung's regulations on multi-homeowners as "policies that run counter to the essence of the market" and "policies that are difficult to sustain."
At a New Year's press conference held at Seoul City Hall on the morning of the 10th, Mayor Oh said, "Such government plans are effective for only two to three months, and it is clear that they run counter to the essence of the market."
Oh Sehoon, Mayor of Seoul, is explaining the direction of municipal administration for 2026 in his remarks at the press corps' New Year meeting held at Seoul City Hall on the morning of the 10th. Yonhap News
President Lee has been maintaining pressure on multi-homeowners, including ending the temporary suspension of heavier taxation on them. Recently, following multi-homeowners, he has also targeted registered rental business operators, expressing a negative stance on whether to maintain the benefit that excludes registered rental housing from the heavier capital gains tax on multi-homeowners. As a result, some observers speculate that, in addition to pushing ahead with heavier capital gains taxation on multi-homeowners, the government may be seeking to gradually abolish tax benefits for registered rental business operators in order to push more housing supply onto the market.
In response, Mayor Oh said, "It has long been my view that simple multi-homeowners and rental business operators should be distinguished." This is interpreted as meaning that the impact of rental business operators on supplying jeonse and monthly-rent housing should also be taken into account. The logic is that most of the remaining rental business operators currently own non-apartment housing and supply it for rent, and that they have contributed for years on the supply side of rentals, so a differentiated approach is needed. He added, "It is clear that real estate is also a type of good, and whatever the good, supply must be sufficient; policies that instead suppress and shrink supply are not sustainable."
In particular, Mayor Oh argued, "Developers that build housing are important, but there are also companies that seek profit by supplying housing," and said, "It is desirable policy to create a market order that stimulates profit and motivates these companies so that many homes can be supplied." The Seoul Metropolitan Government has been consistently arguing that revitalizing private-sector urban renewal projects is the fastest and most realistic solution, and has therefore continued to call for easing regulations on redevelopment and reconstruction. Previously, as a countermeasure to President Lee Jaemyung's real estate policies, Mayor Oh put forward the "Seoul Metropolitan Government's Rapid Housing Supply Promotion Strategy." Seoul has argued that under the January 29 measures, construction could begin no earlier than 2029, and has laid out a plan to move up by one year the groundbreaking schedule for 254,000 housing units that the city has secured, in order to resolve the looming supply cliff.
Regarding the plan to supply 10,000 housing units in the Yongsan International Business District, Mayor Oh maintained his existing stance, saying, "This is not an issue for compromise." He said, "If 10,000 units are built, the completion date will be pushed back by two years." Through the January 29 measures, the government announced a plan to supply 10,000 housing units in the Yongsan International Business District. In response, the Seoul Metropolitan Government has consistently maintained that it is difficult to accept more than 8,000 units, a step back from its previous position of 6,000 units. The reason given is that building 10,000 units would require new elementary, middle, and high schools, and that changes to the urban plan and a review of infrastructure could delay the project by nearly two years compared with the original plan. Mayor Oh added, "It takes time to find suitable sites for schools, and it is not easy," and said, "Without reporting these detailed facts to the public, they are simply saying they will consult with the Office of Education, but if you look at the details, it is not easy."
Oh Sehoon, Mayor of Seoul, is explaining the direction of city administration for 2026 in his remarks at a New Year's meeting with the press corps held at Seoul City Hall on the morning of the 10th. The Asia Business Daily
Mayor Oh also delivered sharp criticism regarding internal strife within the People Power Party. He said, "This is a side effect caused by the excessive ambition of Jang Donghyuk's leadership," and urged change by adding, "With the election approaching, we must face the essence. The party leadership must fully empathize with this and demonstrate it through consistency between words and actions."
Regarding his conflict with Chairman Jang, he said, "Some people say former President Yoon Sukyeol's declaration of martial law was wrong, and others say it was necessary, and these two positions cannot coexist," adding, "To say that you will embrace both categories and still fight an election is overreaching, and I express concern about the current leadership."
On the possibility, raised in some quarters, that he might run as an independent or leave the party, he said, "There is no way they do not understand the intent behind calls to pursue the path of expanding centrist outreach and to move toward a broader path," but added, "I urge Jang Donghyuk's leadership to make a wise choice, to recognize the sense of crisis that if we lose in the Seoul metropolitan area elections, we will lose in the nationwide elections, and to make a wise judgment."
Behind Mayor Oh's repeated calls for change from the party leadership lies a sense of crisis that, as party support stagnates and internal conflict over the disciplinary action against former Chairman Han Donghoon reaches a peak, it may become difficult even to hold on to the Seoul mayoralty. Even after barbed comments such as "Jang Donghyuk discount" and "He is not qualified to be party leader," there remains deep anxiety about a defeat in the local elections.
Moreover, the discord between Mayor Oh and the party leadership appears to be growing. Following former Chairman Han, former Supreme Council member Kim Jonghyeok, a leading figure in the pro-Han Donghoon faction, has been expelled, and disciplinary proceedings have also begun against Bae Hyunjin, head of the Seoul Metropolitan Chapter. Bae is classified both as a member of the pro-Han faction and as one of Mayor Oh's closest confidants, and some analysts interpret the disciplinary move against Bae as signaling an intention not to grant Mayor Oh a nomination.
Regarding an official announcement of his candidacy for another term as Mayor of Seoul, Oh said, "For an incumbent mayor, the choice of date for a candidacy declaration is not very meaningful," but added, "It is still a bit early. There has been no primary notice from the party, and there is no reason to rush excessively." However, he mentioned goals such as "nurturing Seoul into a global top-five city" and "balanced development of northern Seoul," and said, "You will be able to confirm that I intend to protect Seoul."
In addition, Mayor Oh signaled his intention to push ahead with key Seoul Metropolitan Government initiatives such as the Garden of Appreciation at Gwanghwamun. Regarding the Garden of Appreciation, for which the government ordered a halt to construction the previous day, he protested, saying, "The problem begins with Prime Minister Kim Minseok ordering a review of whether procedures were violated," and added, "The Democratic Party of Korea administration is saying this is a project they cannot agree with and is trying to find procedural flaws in order to shut it down."
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