Oh Se-hoon says decline in Lee Jae-myung's approval ratings is due to real estate

Seoul Mayor Oh Se-hoon has blamed real estate issues for the decline in President Lee Jae-myung's approval ratings, arguing that the president himself must take responsibility. Appearing on Sisa Journal TV's 'Jeon Young-gi's Big Shot' on the 19th, Oh pointed out that the government's real estate policies are only pushing up home prices, with no sign of a change in direction. He particularly criticized the government for being responsible for the 'disappearance of jeonse housing,' referring to the growing difficulty of finding lump-sum lease homes in Seoul.

Referring to the president's press conference the previous day, Oh directly rebutted Lee's remarks that singled him out as the cause of Seoul's soaring real estate prices. He said the jeonse crisis in Seoul is precisely a situation created by the president himself. Oh argued that the obsession with owner-occupancy has resulted in the disappearance of jeonse listings, emphasizing that the president must answer for eliminating jeonse supply out of excessive hostility based on the claim that jeonse is used for gap investment. He also noted that jeonse listings in Nowon and Jungnang districts have fallen by as much as 70 to 80 percent.

Oh said that stigmatizing homeowners and taking issue with non-owner occupancy is merely a personal ideology, and that real estate policies driven by electoral considerations or aimed at short-term effects will be shunned by the market.

These remarks could influence the future direction of the government's real estate policy and market reactions, suggesting that if the shortage of jeonse listings and rising home prices continue, pressure for policy adjustments will grow.