Oh Se-hoon: "The Government Cannot Win Against the Market... The Right Approach Is Expanding Supply"

Criticizing the Government's Real Estate Policy
"Just Like the Moon Jae-in Administration"

Seoul Mayor Oh Se-hoon. Photo by Yonhap News Agency

Seoul Mayor Oh Se-hoon criticized the government's real estate policy, stating, "The government cannot win against the market."

On the morning of March 3, Mayor Oh appeared on the YouTube channel "Hyunhee Hwang's Uncomfortable Yeouido," where he said, "In the short term, the government can influence the market for about two to three months since it has various regulatory measures such as taxes and finance. However, by July, the measures currently being implemented will reach their limits."

He continued, "Telling owners of multiple homes to sell their properties is essentially putting a squeeze on the private rental market. People who had drawn up business plans are starting to give up, and in three, five, or ten years, this could lead to a major crisis."

Mayor Oh also emphasized, "Just like during the Moon Jae-in administration, I believe President Lee Jaemyung is engaging in real estate politics ahead of the local elections. The fundamental solution is to expand supply."

Regarding development in Seongsu-dong, Mayor Oh also targeted Jung Won-oh, Chief of Seongdong-gu, who is running in the Democratic Party's primary for Seoul mayor. Mayor Oh pointed out, "In Chief Jung's book 'Seongsu-dong,' there is not a single reference to the Seoul Metropolitan Government," and added, "It was Seoul that laid the tracks, and Seongdong-gu simply ran enthusiastically along them."

He went on to explain, "Urban planning authority lies with Seoul, and when I took office in 2006, the biggest challenge was the decline of semi-industrial areas. That is why we designated Seongsu-dong as an IT distribution and development district, established a development plan in 2007, and from 2008 and 2009 onward, Seoul took annual measures to revitalize semi-industrial zones."

Mayor Oh added, "As a result, 20 to 30 knowledge industry centers have been established in Seongsu-dong. The number of young people with purchasing power and weekday commuters has greatly increased, and on weekends, more families and park visitors are coming, creating the foundation for trendy cafes to thrive."

This content was produced with the assistance of AI translation services.