Seoul Mayor Oh Se-hoon said the Seoul Metropolitan Government (SMG) will introduce a public housing promotion fund to speed up the supply of public housing and raise its incentives.
He said 200 billion won would be deposited annually to raise 2 trillion won over 10 years.
Mayor Oh made the remarks in a meeting with reporters to mark his three years in office on July 16, saying, “Housing is the most urgent issue that needs to be solved.”
Mayor Oh alluded a public housing fund for the first time while he was making an official visit to Austria.
The fund, to be raised by the public sector, will be supplied to the private sector in the form of incentives to increase housing supply.
Seoul Mayor Oh makes an inspection tour into a redevelopment site at Jayang 4-dong, Gwangjin-gu, Seoul, on July 14.
“The role of a public housing fund will be a pump-priming for the private sector’s investing to build more houses, and an additional 2,500 housing units will be supplied as SMG’s plan executed as extended,” Mayor Oh said.
He said the plan will be a step to comply with social demands to increase housing supply at a faster pace.
As for steps to revitalize public reconstruction and redevelopment, proposed by the Democratic Party of Korea, Mayor Oh said such public redevelopment steps once draw expectations, but even districts favoring public redevelopment switched to private sector redevelopment.
He added that Seoulites have made their decision and the focus is now on the speed of adding new housing supply. He said it is important to launch projects and have occupants move in as soon as possible by removing any obstacles.
Seoul Mayor Oh Se-hoon strikes the bell at the Bosingak Pavilion in Jongno-gu, Seoul, with other dignitaries on the occasion of the 80th Liberation Day anniversary on Aug. 15.
Mayor Oh evaluated highly the new government’s will to stabilize housing prices, but he warned that demand-side public policy would cause real estate prices to surge.
Mayor Oh picked boosting urban greenery and water-side space as two of the key changes SMG has brought about during his three-year term.
“Seoulites may take a rest amid the greenery and water-side spaces after a hard day’s work, and our efforts to eagerly expand space to recharge have paid off. I’m sure it will lead a better quality of life for Seoulites,” he said.
Mayor Oh also addressed shortcomings, such expanding facilities for the elderly and securing the of purchase rental housing.
“Efforts to expand facilities to care for the elderly have failed to bear fruit due to social opposition, and I regret that this rental housing policy wasn’t implemented in the early days of my term, and I will make every effort to implement such policies more ardently than ever during the remaining term,” he said.
As for the delayed launch of Han River buses, Mayor Oh said, “I’m sorry for the delay, but several attempts have been made to ensure its safety and pleasantness, and they will be operated in September as planned.”
The Seoul Metropolitan Government said on July 31 it set in motion the execution of infrastructure, a key foundation for the AI industry, and support for industry transition, which was set aside in a supplementary budget. Seen is a poster to promote the 2025 project for supporting AI transformation (AX).
In regards to how to use AI in daily life, Mayor Oh said, “Expertise manpower will be supplied and an AI tech city will be built in Yangjae to bring about innovation.”
As for an AI divide that is to emerge soon, he said, even though SMG’s efforts are necessary, it is important for the government to invest, as the government has declared all people would be able to use AI evenly, SMG itself is prepared to add necessary investments to it.
As for whether he will run for reelection, Mayor Oh said he would gauge Seoulites’ evaluation of his work and would make his future clear.
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