[2022 National Assembly Audit] Oh Se-hoon "Concerned about Reduction in Government Budget for Public Rental Housing... Expand Supply Even if City Burden Increases"

October 14 National Assembly Land, Infrastructure and Transport Committee Seoul City Hall Audit

Seoul Mayor Oh Se-hoon is attending the National Assembly audit on Seoul City held on the 14th at the Seoul City Hall Grand Conference Room in Jung-gu, Seoul. Photo by the National Assembly Press Corps

[Asia Economy Reporter Hwang Seoyul] Seoul Mayor Oh Se-hoon expressed concern over the reduction in the government budget for public rental housing and stated his determination to continue expanding supply even if it means increasing the city's burden.

At the National Assembly Land, Infrastructure and Transport Committee's audit held at Seoul City Hall on the 14th, Mayor Oh responded to a question from Jo O-seop, a member of the Democratic Party of Korea, regarding the 5.6445 trillion won cut in the government budget for public rental housing. He said, "It is indeed concerning," adding, "Since a significant portion of the housing welfare project is funded by national subsidies, a budget cut is expected to cause difficulties." He continued, "If the government budget decreases, we are planning the budget so that the supply does not decrease compared to last year, even if the city has to increase its share of the burden."

Regarding the reduction in the number of public rental units supplied on the Yongsan Maintenance Depot site from the original 4,000 units to 1,500 units, he explained, "The Ministry of Land, Infrastructure and Transport initially announced 10,000 units for the area, but through consultations with the city, it was adjusted to 6,000 units, so the supply volume changed to 1,500 units, which is 25% of that." He added, "Even if the volume decreases at that location (Yongsan Maintenance Depot site), our commitment to expanding public rental housing supply remains firm."

When questioned about whether the policy to supply 230,000 rental housing units over 20 years is too lengthy, he responded, "If we set it at 20 years and become complacent in the short term, that would be a problem, but if you observe the next four years, you will see that Seoul is serious about supplying rental housing." He further stated, "Not only supply but also upgrading quality to transform rental housing from cheap housing into spaces where residents can feel pride."

Regarding the feasibility of supplying 230,000 rental housing units, he said, "It is definitely achievable," adding, "Fortunately, the initial supply of rental housing is approaching the reconstruction deadline." He explained, "The Hyehwa 5 Complex has been concretized to the extent that design plans are available, and by demolishing 600 units and supplying 1,300 units, the number of units will more than double." He continued, "The initial rental housing was low-rise, but now with buildings of 30 to 40 floors, we calculate that sufficient supply is possible."

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