Oh Se-hoon Unveils Daily Real Estate Pledges: "Resolving Housing Insecurity"

Campaign to Win Over Seoul Citizens

85,000 Units Designated as "Core Strategic Redevelopment Districts"

Sehoon Oh, the People Power Party candidate for Seoul mayor, is focusing on winning the support of Seoul citizens by continuously announcing real estate policy pledges.

Seohun Oh, the People Power Party candidate for Seoul mayor, visited the redevelopment site of Daerim 1 District in Yeongdeungpo-gu, Seoul on the 7th to announce his housing policy. Photo by Yonhap News.

On May 7, Oh visited the redevelopment site of Daerim 1 District in Yeongdeungpo-gu, Seoul, to announce his housing supply pledge. His goal is to break ground on a total of 310,000 housing units by 2031 by streamlining the complex approval and permitting process.

To achieve this, 85 districts capable of starting construction within three years, totaling 85,000 units, will be designated as "core strategic maintenance districts" for intensive management. In addition, for 62 other districts, the start of construction will be advanced by up to one year from existing plans. Oh's campaign explained, "Once these units are actively supplied to the market, we expect to break the vicious cycle of supply shortages that lead to a lack of jeonse (long-term rental) properties and surging prices."

Additional strategies will be implemented to further accelerate the supply pace. The formation of a steering committee will be omitted, and a "rapid integration" track will be introduced to process project implementation approval and management disposition plan approval simultaneously. Guidelines will also be provided to allow decisions on architectural plans, contribution fees, and simultaneous progress of project implementation and management disposition plans. Furthermore, a new "Sintong AI Planning" system will be established, utilizing artificial intelligence (AI) to conduct advance cross-verification through 11 committees and 27 cross-checks from the maintenance planning stage.

For the Gangbuk region, six types of incentives will be introduced. The "growth potential zone revitalization" project will raise zoning for major arterial roads at least 35 meters wide, such as Tongil-ro, Dongil-ro, and Dobong-ro, to general commercial areas. The "preliminary negotiation system," which includes 51 out of 136 candidate sites in the Gangbuk area, will also be expanded. Within a 500-meter radius of transit stations among station areas with concentrated demand, a special exemption for urban complex development will allow floor area ratios of up to 1,300%. In addition, for maintenance districts in Gangbuk, a business feasibility adjustment coefficient will be applied to increase the maximum permitted floor area ratio incentive by up to 40%, and height restrictions in height control zones will be abolished.

Oh stated, "We will revive the pulse of stalled supply and make regions that have been relatively neglected in development the new center of Seoul's housing supply. By supplying 310,000 units at an overwhelming speed, we will fundamentally resolve citizens' anxieties about housing."

After announcing his pledge, Oh met with reporters and was asked, "How much can the maintenance period be reduced?" He replied, "Without a strong will from the Seoul Metropolitan Government, it could take 20 years. We have already reduced this period to 12 years institutionally, but since there have been requests to move even faster, I have presented multiple comprehensive measures. If local districts, the Seoul Metropolitan Government, and citizens work together seamlessly, I believe it could be reduced to under 10 years."

Previously, on the day before, Oh also announced a housing stability pledge for people without homes, which includes a three-step safety shield to completely block jeonse fraud damages.

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