Seoul city blames ex-mayor's policies for weak long-term housing supply

The Seoul city government has recently attributed the weak long-term housing supply in the capital to policies implemented during the tenure of late former Mayor Park Won-soon, who passed away earlier this year. This assessment is detailed in a report analyzing the city's housing policies over the past 20 years, as recent shortages have led to sharply increasing home prices.

According to the report, between 2012 and 2020, while Park served as mayor, 389 out of the 683 areas earmarked for city improvement projects were canceled, which has resulted in the potential construction of approximately 430,000 homes. Park, a member of the then-ruling Democratic Party of Korea (DPK), favored urban regeneration projects that emphasized preservation over large-scale redevelopment or reconstruction.

The report emerges as the current Mayor Oh Se-hoon, from the main opposition People Power Party, faces criticism from DPK lawmakers regarding his private-led housing supply strategy. The city government under Oh Se-hoon aims to commence construction on approximately 310,000 housing units by 2031 through redevelopment and reconstruction initiatives to address the housing crisis.