Lee's "Preparing for a Housing Price Crash"... Oh Sehoon: "Are You Fighting an Imaginary Real Estate Market?"

Lee: "Large-Scale Purchases for Public Rental Housing if Prices Fall"
Oh: "Ignoring Reality of 90 Consecutive Weeks of Increases"

After President Lee Jae-myung raised measures such as government purchases to prepare for a sharp drop in housing prices on November 3, Seoul Mayor Oh Se-hoon sharply criticized him, saying, "He is getting ready to fight an imaginary real estate market that is detached from the reality facing the people."

Oh Sehoon, mayor of Seoul, delivers a policy address on the 2027 budget proposal and fund management plan during the plenary session of the 340th regular session of the Seoul Metropolitan Council in Jung-gu, Seoul, on the 2nd. Yonhap News Agency

In a Facebook post that afternoon, Mayor Oh said, "Ignoring the real estate market in which people actually live and selecting only a few figures one wants to see to distort the outlook for the market is tantamount to completely disregarding the people."

Earlier, President Lee wrote on his X account, "We are already working on contingency measures in case housing prices fall sharply, including large-scale government purchases for use as public rental housing." He added, "Those feeling pressured to panic-buy in the Seoul metropolitan area should be sure to monitor changes in transaction volumes for apartments in Seoul, trends in homes listed for sale, actual transaction prices in key areas, mortgage delinquency rates, and the number of auction cases."

In response, Mayor Oh criticized him, saying, "Apartment prices in Seoul have risen for 90 consecutive weeks, and this year's increase is the highest since records began. People are anxious every day, wondering when the next rent bomb will hit, but I simply cannot understand what the president is looking at to be worried first and foremost about a collapse in housing prices."

President Lee also said, "The recent rise in Seoul housing prices is due in large part to the sharp decline in housing construction permits issued by local governments, which began in 2022. With permits returning to normal under this administration, the supply cliff is expected to ease around 2028." In response, Mayor Oh said, "This is not just a case of the pot calling the kettle black; it is shamelessly turning the facts upside down."

Mayor Oh countered, "During former Mayor Park Won-soon's tenure, no fewer than 389 redevelopment zones were canceled, eliminating the opportunity to supply 430,000 homes. I worked around the clock to restore the supply base that had been dismantled by designating zones again, improving project feasibility, and moving projects toward permitting and construction starts." He continued, "Just as results are finally beginning to emerge, this administration claims that permits have returned to normal under its watch." He added, "You may be eager to shift the blame for rising housing prices onto others, but the more you do so, the more you should first reflect on what you yourself have done."

Mayor Oh also said, "Criticism that this administration's 'obsession with owner-occupancy' has fueled what is known as a 'triple surge' in not only housing prices but also jeonse and monthly rents is no longer just a point made by experts; it is a hardship people feel in their daily lives." "If this administration does not want to go down in history as the worst failure in real estate policy, it should start by overhauling its housing policy aides, even at this late stage," he said. 

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