Seoul Mayor Challenges President Lee on Housing Data

Seoul home prices began rising after President Lee Jae-myung took office, Mayor Oh Se-hoon stated on the 18th. The mayor directly contradicted the president's attribution of the price surge to the previous administration.

President Lee claimed that construction permits and starts were cut in half since 2022. Oh Se-hoon argued this narrative ignores the timeline of housing development and blames the wrong party.

Mayor Rejects Blame for Price Surge

Oh Se-hoon posted on Facebook that the president was shifting responsibility. He stated that housing construction requires significant lead time and planning. The mayor said the president was unaware of the actual progress reports submitted by the city government.

The mayor noted that prices trended downward and stabilized during his initial tenure. The upward turn coincided with the inauguration of President Lee. Oh Se-hoon emphasized that data from GN auto markets/housing: housing prices supports his position.

Housing Supply and Policy History

President Lee cited a sharp contraction in supply from 2022 through last year. He linked this to the lifting of land transaction permit requirements. The president suggested these factors allowed prices in certain areas to soar.

Oh Se-hoon countered that previous leadership cancelled redevelopment projects across Seoul. He argued that the current administration cannot ignore this historical context. The mayor insisted that blame does not change the operational reality of the housing market.

Impact on Young Seoul Residents

The mayor warned that the housing ladder for young adults is collapsing. Loans are unavailable, and deposit leases are drying up. Young residents are abandoning the capital due to unaffordability.

Oh Se-hoon stated that pushing out young people is not balanced development. He argued this approach harms the future of the city. The mayor urged the president to recognize the on-the-ground reality of Seoul.