Housing pledges heat up Seoul mayoral race

Apr 03, 2026, 08:38 am

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Jung Won-oh (right), Park Joo-min, and Jeon Hyun-hee attend a Democratic Party Seoul leadership meeting at the National Assembly Members’ Office Building on March 30.

Housing policy has emerged as a central issue in the Seoul mayoral race ahead of the June 3 local elections, as candidates from rival parties clash over competing real estate pledges.

According to political sources on April 2, Jung Won-oh of the Democratic Party and Oh Se-hoon of the People Power Party are facing scrutiny over the feasibility of their flagship housing plans.

Jung has proposed “affordable practical apartments,” aiming to supply housing at 70–80% of market prices to reduce housing costs and ease the burden on end-users. However, critics argue that redevelopment and reconstruction projects typically take more than 15 years, making it difficult to significantly increase supply in the short term. They also note that rising project costs could limit the actual impact of lower sale prices.

Jung dismissed the criticism, saying, “We will proceed with supply where there is demand,” and added that combining existing methods could allow initial supply within his term.

Meanwhile, Oh has pledged to supply 130,000 public housing units by 2031, but faces skepticism over whether the target is achievable under current conditions. His policy has also drawn debate over the designation of land transaction permit zones, a regulatory measure requiring prior approval for property deals.

Oh acknowledged that such regulations are “not desirable in the long term,” but said they were necessary at the time to address signs of market overheating. He attributed slower-than-expected housing supply to rising construction costs, global conflict, and high interest rates, noting that private-sector supply accounts for about 90% of the market.

Political observers say housing policy will remain a decisive factor throughout the campaign, given its strong relevance to voters.

“Pledges such as ‘half-price apartments,’ which appear in every election cycle, will once again test public support,” a political insider said.

#Seoul mayor race #housing policy #Jung Won-oh #Oh Se-hoon #public housing