Oh Sehun Criticizes "Lee Jaemyung Administration's Real Estate Mismanagement... Triggered Jeonse and Monthly Rent Crisis"

Seoul Mayor Oh Se-hoon visited a real estate agency in Dongdaemun-gu, Seoul on the 9th to listen to the difficulties faced by single young adults looking for housing. March 9, 2026. Photo by Kang Jinhyung

Seoul Mayor Oh Sehun criticized, "The real estate mismanagement of the Lee Jaemyung administration is causing significant harm to young people," on March 10.

On his Facebook page that day, Mayor Oh stated, "The arrogance of this administration, which is trying to outsmart the market, has led to a crisis in finding jeonse and monthly rental listings."

He cited data showing that, as of last month, there were 19,000 jeonse listings in Seoul, a 33.5% decrease compared to a year ago, and that last year's jeonse prices rose by 5.5%. He further added that jeonse prices surged particularly in the second half of the year, following the October 15 measures.

Mayor Oh said, "The biggest victims of this chaos are always the youth," and pointed out, "It is the reality for young people that even a small studio of 5 to 6 pyeong now costs over 1 million won in monthly rent, and even then, it is difficult to find one." He also criticized, "I strongly urged the government to ease indiscriminate regulations on private rental business operators, such as the 0% loan-to-value (LTV) ratio, but there has been no response at all."

On this day, the Seoul Metropolitan Government announced its integrated youth housing brand, ‘The Dream Home Plus,’ and revealed its plan to supply 74,000 customized youth housing units for college students, newlyweds, and others by 2030.

Mayor Oh emphasized, "We will strengthen financial and housing support to reduce the burden of monthly rent and open a path to home ownership, so that young people can continue to live in Seoul. We will also expand the risk analysis service for jeonse fraud to make Seoul a city with zero concerns about such scams."

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