Oh Se-hoon Presents the Causes of Seoul Housing Supply Delays and a Proposal to Improve the Real Estate System

Seoul Mayor Oh Sehoon pointed to the policy of lifting reconstruction and redevelopment projects during former Mayor Park Wonsoon's administration as the reason for the delay in Seoul's housing supply on the 14th, and said that the president's understanding of the situation may not be sufficiently accurate. At a briefing at Seoul City Hall, Mayor Oh explained that the lifting of reconstruction and redevelopment projects is affecting the current shortage in supply. He said that the city's FastTrack Integrated Planning has shortened the duration of maintenance and redevelopment projects, and that the burdens on construction sites, such as rising raw material and labor costs, must also be taken into account. That day, Mayor Oh expressed regret that he was not given an opportunity to speak at the Cabinet meeting. Based on analysis materials on the real estate market submitted to the government, he also stated that regulatory easing and institutional improvements are needed to expand housing supply.