Seoul city blames ex-mayor's policies for weak long-term housing supply
The Seoul city government on Friday blamed policies pursued under late former Mayor Park Won-soon for weakening the foundation for long-term housing supply in the capital. The municipality made the assessment in a report analyzing the city's housing policies over the past 20 years, as recent shortages in the capital have contributed to sharply rising home prices. The report said that between 2012…
Seoul city officials have blamed the housing policies of former Mayor Park Won-soon for contributing to a lack of long-term housing supply in the capital. In a report analyzing the city's housing policies over the past two decades, the municipality cited that during Park's tenure as mayor from 2012 to 2020, 389 of the 683 areas intended for city improvement projects were canceled.
This cancellation resulted in the opportunity to build approximately 430,000 homes being lost. Park, who was a member of the ruling Democratic Party of Korea (DPK), focused on preservation-oriented urban regeneration projects rather than large-scale redevelopment or reconstruction.
The report comes at a time when current Mayor Oh Se-hoon, from the main opposition People Power Party, has faced criticism from DPK lawmakers regarding his private-led housing supply policy. Oh Se-hoon's administration plans to break ground on around 310,000 housing units by 2031 through redevelopment and reconstruction projects to address the housing shortage.
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