Seoul mayoral race turns into fight over how to cool housing prices
Seoul's mayoral election on June 3 is centered on housing supply, with incumbent Mayor Oh Se-hoon and challenger Chung Won-o differing on the role of government in redevelopment. Apartment prices in Seoul have risen for over 60 consecutive weeks, making real estate a key voter concern.
Seoul's rising apartment prices are driving the mayoral election, with candidates Oh Se-hoon and Chung Won-o promising faster development. Oh favors deregulation and private-led supply, aiming to build 310,000 homes by 2031 and 377,000 by 2035. Chung also supports increased housing supply but wants the city government to take a stronger role in supervising redevelopment projects. Chung's "Chak Chak Plan" introduces a development manager system to oversee projects. Oh has criticized the Lee administration's loan restrictions on multiple-home owners, while Chung plans to use real estate investment trusts to draw private capital into housing development.
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