Oh Se-hoon Meets Noh Hyung-wook: "Supply Shortage Causes Market Instability... Let's Cooperate"

Ministry of Land, Infrastructure and Transport and Seoul City Hold Housing Policy Cooperation Meeting

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] On the 9th, Seoul Mayor Oh Se-hoon requested government cooperation, stating that "the recent unstable real estate market is due to a shortage of housing supply that the market desires."

Mayor Oh held a housing policy cooperation meeting with Minister of Land, Infrastructure and Transport Noh Hyung-wook at the Government Seoul Office in the afternoon and said, "To stabilize the real estate market, it is essential to establish a complementary and cooperative relationship between the public and private sectors."

He emphasized that active housing supply is necessary to stabilize the real estate market. Mayor Oh said, "For the continuous virtuous cycle of the urban ecosystem, an appropriate housing supply must be provided annually," adding, "There may be various factors causing the recent unstable real estate market, but housing supply is likely one of the main reasons."

Mayor Oh stated, "I believe that public redevelopment and the public-led 3080+ measures, which Seoul City and the Ministry of Land agreed to before I was elected, will eventually succeed," and added, "In addition, the city will actively promote the recently announced plans to revitalize redevelopment led by the private sector and small-scale reconstruction." He expressed hope, saying, "If we instill confidence that housing supply will continue steadily, the previously unstable real estate market can also stabilize."

Mayor Oh said, "If the real estate stabilization measures discussed today are refined and legislated, and no unusual trends occur in the real estate market, we plan to expand the supply of new housing through reconstruction," adding, "If this happens, the plan to supply 240,000 housing units over the next five years can be realized without setbacks."

He also requested cooperation on policies for housing stability for low-income and middle-class citizens, highlighting the activation of long-term lease housing. Mayor Oh said, "Political differences or debates over whether it is public or private are not important in achieving housing stability for Seoul citizens," referring to the proverb from his grandson Gu Ji-pyeon, 'Sumang Sangjo (守望相助) Dongju Gongje (同舟共濟)', emphasizing, "Let us overcome difficulties together as if crossing a river in the same boat."

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