Jung Wono: "Seoul Housing Policy Should Focus on Expanding Supply Over Public Interest"

Invited to the Editors Association Forum

Redevelopment and Reconstruction Must Prioritize Business Feasibility

Jung Wono, the Democratic Party candidate for Seoul mayor, stated on May 14 regarding housing supply in Seoul, "Right now, all available resources should be focused on increasing supply," adding, "It is a time when business feasibility must be prioritized."

Jung Wonoh, the Democratic Party of Korea's candidate for Seoul mayor, is speaking after being invited to the Korea Newspaper and Broadcasting Editors Forum held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, at 10 a.m. on the 14th. Photo by Yonhap News

Candidate Jung made these remarks after being invited to the Korea Newspaper and Broadcast Editors Association forum held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, at 10 a.m. He said, "When the real estate market is strong, redevelopment and reconstruction projects become more active, but their effects are only felt much later. For now, business feasibility should come first, and when adjustments are needed, operations should flexibly focus on enhancing public interest."

As a way to supplement public interest, Jung stated, "While prioritizing business feasibility in redevelopment and reconstruction, I will also increase the supply of youth housing near subway stations, purchase-based rental housing, and urban-style housing to enhance the public good. Furthermore, I will expand the 'Seongdong-gu Safe Coexistence Dormitory' model citywide to address youth housing issues."

Regarding President Lee Jaemyung's remarks on the long-term ownership special deduction, Jung said, "My consistent view is that the current rights of single-home owners must be protected." He added, "Actual residences should be protected 100%, and unless it is clearly for speculative purposes, protections should be extensive." He continued, "If I become Seoul mayor, I will closely discuss any differences in opinion with the government, always considering the citizens' perspective and the need for protection."

Jung also criticized, "Last year, Mayor Oh Sehoon lifted the land transaction permit system despite knowing full well that supply was insufficient," adding, "This was abandoning demand management." He further commented, "Mayor Oh implemented policies that caused demand to surge while supply was lacking, prompting the government to intervene through financial measures as a relief pitcher. Stability is gradually returning, but if side effects become apparent, I will discuss them with the government."

Additionally, Jung highlighted the '3136+ Policy' announced this month. He stated, "We will provide 360,000 housing units by 2031," adding, "We will also pay attention to remodeling, public development, and complex urban development, which were neglected during Mayor Oh's administration."

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