The Democratic Party Meets Oh Se-hoon, Emphasizes "Active Support for Expanding Housing Supply"

Easing Regulations on Reconstruction and Redevelopment
Expanding Jeonse Rental Supply and Measures for Vulnerable Groups
"Seoul Decentralization Accelerates Due to Moon Administration's Real Estate Failures"

Kwon Seong-dong, Acting Leader of the People Power Party, is greeting Seoul Mayor Oh Se-hoon at the People Power Party-Seoul City Budget Policy Meeting held at Seoul City Hall in Jung-gu, Seoul on the 22nd. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Kwon Hyun-ji] The ruling party, the People Power Party, visited Seoul on the 22nd to emphasize the expansion of housing supply and announced that it would actively support regulatory easing to achieve this goal.

Kwon Seong-dong, Acting Party Leader and Floor Leader of the People Power Party, held a Seoul budget policy meeting with Seoul Mayor Oh Se-hoon at Seoul City Hall on the same day, stating, “We will work closely with Seoul City to correct the abnormal real estate market and support the housing ladder.” He added, “We will promote regulatory improvements to expand housing supply in the private sector and increase the supply of private rental housing to stabilize housing for low-income residents.” He also said, “We will actively support the expansion of jeonse rental supply for vulnerable groups and the improvement of existing public rental housing complexes.”

Seong Il-jong, Chairman of the Policy Committee of the People Power Party, also emphasized, “We must protect Seoul’s real estate and housing prices,” and stressed, “We will actively support Seoul’s current issues such as redevelopment and reconstruction to fulfill the promise of significantly expanding housing supply.”

Floor Leader Kwon criticized, “During Mayor Park Won-soon’s 10-year tenure, Seoul stagnated. Without bold investments in the future and urban environment, the city was preoccupied with distributing taxes to civic groups. In terms of real estate issues, redevelopment and reconstruction were artificially blocked, preventing supply.” He added, “Coupled with the Moon Jae-in administration’s real estate failures, this caused housing prices to skyrocket, forcing Seoul citizens to either leave Seoul or pay high housing costs.”

Mayor Oh said, “I ask for national funding support so that Seoul City can actively back the large-scale housing supply in the metropolitan area, which is a key task of the new government.” He continued, “If the support unit price for public rental housing is made realistic and the government’s Housing and Urban Fund invests in and approves long-term jeonse housing, Seoul City will be able to provide high-quality housing at affordable prices, greatly contributing to the government’s seamless housing supply.”

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