Seoul Mayor Challenges President over Housing Data

Seoul housing prices are rising at the steepest rate in years. Mayor Oh Se-hoon disputes the President’s claim that local policy caused the surge. He argues the data contradicts this narrative.

President Lee Jae-myung stated construction starts halved after Oh took office. Oh rejects this timeline based on market records. He calls for a realistic assessment of market conditions.

Dispute Over Construction Start Data

The President linked price increases to reduced building permits. Oh notes that permits were actually lifted by his predecessor. He argues this fact is verifiable in public records. The timing of the price jump aligns with the new administration's start.

Oh claims prices stabilized before the President’s inauguration. They began to rise again around that time. He suggests the President relies on partial data. This interpretation ignores the broader market trend.

Impact On Young Home Buyers

Young residents face severe barriers to entry. Loan access is restricted for many prospective buyers. Jeonse deposits are also becoming scarce. Oh describes the housing ladder as collapsing for this demographic. He warns that this trend threatens the city’s future.

The Mayor argues that blaming local leadership misses the point. He states that the current policy stance is misguided. He urges the President to focus on solving the crisis. He emphasizes that delaying action harms citizens.

Call For Policy Reset

Oh criticizes the President’s press conference remarks. He says the response shifted blame rather than offering solutions. He calls for a complete overhaul of the approach. He warns that inaction will worsen the situation. The source GN auto markets/housing: housing prices highlights this ongoing tension.