Oh Se-hoon "Cooperating with Government to Curb Real Estate Prices... Green Ecological Urban Center to Be Announced Soon" (Comprehensive)

Priority on 'Suppressing Real Estate Prices' Over Housing Supply
Driving Real Estate Policy as a 'Ladder for Social Mobility'
Emphasizing 'Green Ecological Urban Centers' in Old Downtown Redevelopment
Criticizing Blank Trust System and Saying "Sale Soon"

[Image source=Yonhap News]

[Asia Economy Reporter Han Jinju] Seoul Mayor Oh Se-hoon presented 'price suppression' as the top priority for cooperation on real estate policy following the launch of the new government. He also unveiled a blueprint to develop the old downtown area into a 'green ecological urban center' after the presidential office was relocated to Yongsan.

At a press conference held at Seoul City Hall on the 12th to mark his first anniversary in office, Mayor Oh said, "In the process of establishing a cooperative relationship after the new government took office, we will approach the matter as delicately as possible to avoid stimulating prices above all else."

Sharing an anecdote about a phone call with Won Hee-ryong, the nominee for Minister of Land, Infrastructure and Transport, Mayor Oh said, "We exchanged views on not rushing excessively but responding with precise coordination," emphasizing, "Seoul will maintain the stance that price stability is more important than housing supply."

Mayor Oh announced plans to supply land lease-type sale housing as part of real estate policies aimed at realizing the 'ladder of social mobility.' He said, "For low-income citizens with insufficient resources, we will collaborate with the central government as much as possible to provide supply types that allow asset formation and enjoyment of housing rights, including land lease-type sale housing and equity accumulation-type housing."

Efforts to improve the quality of public housing for low-income groups will also be pursued simultaneously. Mayor Oh explained, "For those who find asset formation itself difficult due to very limited resources, we will increase the area of public housing (rental housing) by 1.5 times compared to now to make it recognized as quality housing," adding, "Unlike sale housing, public housing has used somewhat lower-grade products from small and medium enterprises in terms of materials and facilities, but we will upgrade these materials."

He also introduced a blueprint to transform the old downtown area into a 'green ecological urban center' following the relocation of the new government's presidential office to Yongsan. The plan is to revitalize Seoul's old downtown as a place where buildings and forests coexist, linked with the Yulgok-ro project.

Mayor Oh said, "We will announce a new urban project concept called 'green ecological urban center' as soon as possible," adding, "We plan to introduce the concept of a green ecological urban center that redevelops the old downtown to create office spaces and residential spaces together for proximity between work and residence, and we will make the view from 1 km above all green."

He explained, "The path from Bukaksan Mountain to Cheongwadae-Gwanghwamun Square splits into two routes, and we will enable citizens to feel urban planning changes along Seoul Station-Hangang-Yongsan and Jongmyo-Gyeongbokgung-Changgyunggung," adding, "The key is how to transform the old downtown along Yulgok-ro-Toegye-ro and Jongno 1-8 ga, and the Yulgok-ro project connecting Changgyunggung-Changdeokgung-Jongmyo with green spaces will be carried out in the second half of this year."

The plan is to increase the green space ratio in Seoul's old downtown to up to 10%. Mayor Oh said, "Height restrictions will be lifted and floor area ratios will be maximized, inevitably increasing contributions to the public," adding, "While urban green space in London or New York is around 15-20%, Seoul remains at 7-8% even when combining parks and palaces. We will concretize the basic plan to increase this ratio to 10%."

He also expressed his stance on a mobility rights rally held by disabled people on the subway during rush hour. Mayor Oh said, "I understand the position of disabled people whose mobility rights are restricted and who cannot fully enjoy the citizen's perspective," but added, "I believe their grievances and inconveniences were conveyed to citizens, and it is right to minimize protests that are not legal and are excessive."

Mayor Oh continued, "The city has pursued a 'one station, one route' policy, and elevators are installed in over 90% of stations," adding, "We will not be satisfied with 'one station, one route' and will do our best to guarantee mobility rights."

Regarding the administrative appeal filed against the blind trust order, he also revealed plans to sell his held stocks. "I am being attacked as if there is a hidden intention to increase wealth, so to dispel misunderstandings, I will sell the stocks I hold soon," he said, adding, "The first trial decision is expected soon. Depending on the decision, I have not yet decided whether to sell before or after the ruling."

He said, "Since a suspension of execution was granted through litigation, the blind trust order is currently suspended, and investments were made in that state," adding, "After the blind trust controversy became an issue, stock prices have fallen significantly, and although the losses are large, I have decided to sell despite this."

Mayor Oh said, "In Korea, the only financial institution that manages blind trusts is NongHyup, and NongHyup sells the stocks quickly after receiving them. This is no different from a sales order, and I think it is a flawed system, so I urged for system improvement," adding, "I suggested to the Chairman of the Anti-Corruption and Civil Rights Commission that at least multiple financial institutions should be appointed to create competition and better management systems to manage the trustor's assets."

Regarding the reorganization direction of the Women's Policy Office, which is mentioned along with President-elect Yoon Seok-yeol's pledge to abolish the Ministry of Gender Equality and Family, Mayor Oh dismissed concerns by saying, "The name was changed to dispel misunderstandings." He explained, "In the second half of last year, the name of the Women's Rights Officer Office was changed to the Rights Officer Office, and the Women's Policy Officer Office was renamed the 'Gender Equality Policy Officer.' Unlike the central government, 96% of Seoul City's related budget is for childcare and care services, and we will not be swayed by recent 'feminism controversies.'"

This content was produced with the assistance of AI translation services.