Seoul Mayoral Election: Candidates Trade Blame Over Real Estate Policy

As the dispute over responsibility for real estate policies heats up in the Seoul mayoral election, candidates from both ruling and opposition parties have criticized each other regarding the causes of housing price instability. The People Power Party's candidate Oh Se-hoon argued that the government's stringent real estate regulations have led to market instability and difficulties in finding rental properties. In response, the Democratic Party's candidate Jung Won-oh countered that Oh Se-hoon also bears responsibility for real estate-related administrative actions during his tenure as mayor. Jung's camp criticized Oh, claiming that lifting the designated special zones for land transaction permits in Jamsil, Samsung, Daechi, and Cheongdam during Oh's mayorship stimulated speculative sentiment and became a catalyst for soaring housing prices, arguing that the reversal of this decision after just 35 days sent the wrong signal to the market.

While both candidates agreed on the necessity of expanding housing supply, they proposed different solutions. Oh proposed a target of commencing construction on a total of 310,000 housing units by 2031, focusing on 'swift integrated planning.' Jung stated that he would shorten the redevelopment period through 'step-by-step development.'

Clashes also continued over the responsibility for the delayed development of the Yongsan International Business District. Oh's camp pointed to the Lee Jae-myung administration's policy of expanding housing sizes as the cause, while Jung's camp criticized the development delays during Oh Se-hoon's time as mayor.