Seoul:The Seoul city government has attributed the current challenges in long-term housing supply to the policies of the late former Mayor Park Won-soon.
According to Yonhap News Agency, the city's assessment was detailed in a report examining housing policies over the past two decades. The findings highlight recent shortages that have led to a significant increase in home prices in the capital.
The report reveals that between 2012 and 2020, during Park's tenure, 389 out of 683 designated city improvement projects were canceled. This decision eliminated the potential to provide approximately 430,000 homes. Park, affiliated with the now ruling Democratic Party, focused on "urban regeneration" projects that emphasized preservation rather than large-scale redevelopment.
Amid these findings, current Mayor Oh Se-hoon, from the main opposition People Power Party, has encountered criticism from Democratic Party lawmakers regarding his private-led housing supply initiatives. In response to the housing shortage, Oh's administration plans to initiate redevelopment and reconstruction projects targeting around 310,000 housing units by 2031.