Seoul mayor says to press ahead with housing supply plan

Seoul Mayor Oh Se-hoon announced on Thursday that the city government intends to continue its housing supply plan, despite recent shortages that have led to steep price increases. Construction has already started on 15,000 units this year. The municipality aims to break ground on 310,000 housing units by 2031 through redevelopment and reconstruction projects.

Mayor Oh emphasized that sufficient and ongoing supply is crucial in addressing housing concerns, and his administration has accelerated improvement projects through rapid integrated planning. He stated these efforts during a parliamentary audit of the city government. Looking forward, Mayor Oh pledged to alleviate on-site challenges and unfair regulations to ensure continuous housing supply.

Additionally, he committed to actively addressing rental housing shortages by expanding the framework for private supply.