Seoul Mayor Oh Se-hoon claimed that long-stalled redevelopment and reconstruction projects have been normalized, and the housing supply shortage in Seoul is gradually being resolved.

Mayor Oh made the remarks during the 2026 Seoul Housing Policy Performance Sharing Event, themed "Seoul Housing Policy, How It Has Changed," held at the Seoul City Hall briefing room today (the 21st).

The presentation featured Mayor Oh acting as a star lecturer, answering 11 questions that have been raised regarding Seoul's real estate policies.

Regarding Seoul's housing supply, Mayor Oh explained, "Over the past five years, the designation of new maintenance districts has averaged 35 per year, more than double the average of 17 districts during the preceding 10 years. Currently, maintenance projects are underway in 496 locations across Seoul."

According to the city, since the introduction of the Rapid Integrated Planning in 2021, maintenance projects encompassing 214 districts and 307,000 households have been pursued.

The period required to designate maintenance districts, which typically took five years or longer, has also been reduced to about two years.

The Seoul Metropolitan Government plans to accelerate the connection of these expanded maintenance districts to actual construction starts and move-ins.

Regarding the government's August 13 measures, Mayor Oh explained that improvements to regulations that hinder project feasibility and speed in the field must be pursued concurrently.

The city explained that it is removing regulations it can independently adjust, such as lowering the redevelopment union establishment consent rate from 75% to 70% and easing criteria for donating park and green space contributions.

At the same time, the city plans to continuously request institutional improvements from the government to enhance actual supply speed, such as a three-year temporary relaxation of restrictions on the transfer of union member status, easing redevelopment rental housing ratios, and relaxing legal upper floor area ratios for private maintenance projects.

Regarding the "delegation of licensing authority for maintenance projects with 500 households or fewer to autonomous districts," Mayor Oh expressed concern that city planning principles could be shaken without guaranteeing speed due to controversies over equity among autonomous districts.

He added that there are quite a few cases where projects are delayed at the autonomous district stage, noting that the designation of implementers for the Changsin 9 and 10 districts was delayed by two months, and projects for the Yujin Shopping Center and Sewon District 4 were put on hold.

Regarding the proposal to utilize the Tancheon Water Recycling Center as an alternative for housing supply in Yongsan Park, Mayor Oh explained, "Yongsan Park and the greenbelt are green spaces that must be preserved for future generations. On the other hand, the Tancheon Water Recycling Center does not damage new green spaces; instead, it is a project that utilizes existing urban infrastructure in a three-dimensional manner to build housing, parks, and industrial facilities together, making its nature distinct."

The city plans to develop the Tancheon Water Recycling Center into the Southeastern Youth-Specialized Industrial Complex, combining youth housing, parks, and research and development (R&D) facilities to supply 13,000 households, with the private investment eligibility study scheduled to be completed by the end of this year.

Regarding long-term jeonse housing (Shift), which has supplied 38,000 units so far, controversy recently arose due to demands from existing tenants to "continue living."

Mayor Oh explained that among the approximately 15,500 households that moved out before contract expiration in long-term jeonse housing, 82.4% moved out voluntarily, and 72% of them transitioned to homeownership, confirming the housing ladder effect.

Regarding concerns over high deposit prices for the newlywed long-term jeonse housing "Mirinae House," he explained, "We set them at around 80% of surrounding market prices, provided extended residency periods upon childbirth, and offered preferential purchase opportunities. As concerns over deposit burdens have grown due to recent rises in home prices and jeonse/monthly rent prices, we plan to continuously monitor field feedback and review necessary complementary measures."

Addressing criticism that public housing supply may have been neglected, Mayor Oh stated, "Over the five years since 2021, we have supplied a total of 131,000 public housing units through public contributions from maintenance projects, direct supply by the Seoul Housing and Communities Corporation (SH), and purchased rentals. Seoul's current public rental housing stock stands at 410,000 units, of which SH has supplied approximately 68%."

He added that an additional 130,000 public housing units are scheduled to be supplied by 2031.


In addition, Mayor Oh mentioned that where private maintenance projects are difficult to reach, the public has stepped in to revive projects, citing Ahyeon District 1 in Mapo-gu and Poongnap Toseong Moatown in Songpa-gu.

He explained that 43,000 units through public redevelopment and reconstruction, and 15,000 units through public-participating Moatowns are currently being pursued, and the structure where the private and public sectors jointly lead housing supply will be further expanded.

For youths, approximately 35,000 housing units have been supplied over the five years since 2021, and the city stated it will continue to supply diverse housing tailored to life stages and income levels, including university students, early-career workers, and newlyweds.

Regarding "Youth Relief Housing," where new projects have temporarily stagnated due to recent rises in interest rates and construction costs, Mayor Oh stated that supply will be normalized through financial support for businesses and improvements in project procedures, targeting a cumulative total of 46,000 units by 2030.

To cope with the "triple hardship" of rising jeonse prices, conversion to monthly rent, and loan regulations, direct housing cost support—such as youth monthly rent subsidies and jeonse/monthly rent deposit interest support—will be expanded.

Mayor Oh concluded, "There were many questions and criticisms surrounding Seoul's housing policy, and we wanted to answer those questions not with words, but with numbers and achievements. We will ensure that the achievements of turning back the clock on maintenance projects and expanding public housing and the housing ladder lead to actual move-ins and stability in citizens' housing."
 
(Photo: Yonhap News)