President Lee tells Seoul mayor: Don't let housing prices skyrocket

President Lee Jae-myung has urged Seoul Mayor Oh Se-hoon to ensure that proposed deregulation measures aimed at increasing housing supply do not inadvertently trigger a surge in property prices. While acknowledging the need for more housing, Lee emphasized that the goal should be to expand supply without creating conditions for speculative price hikes.

"We need to increase supply, but we must not increase the possibility of housing prices skyrocketing," President Lee stated during a closed-door State Council meeting. He noted that Oh Se-hoon's proposals for easing regulations have both positive and negative aspects that need careful consideration.

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We need to increase supply, but we must not increase the possibility of housing prices skyrocketing.

Mayor Oh had requested the relaxation of several regulations, including easing restrictions on building density (verdict ratio), loosening limits on cooperative member status for redevelopment projects, and reducing the mandatory proportion of public rental housing. These requests were made in response to President Lee's inquiry about specific plans to boost private sector housing supply.

President Lee also sought clarification on the administrative details of housing development approvals, asking whether the authority for large-scale redevelopment projects and smaller individual construction projects rests with the district offices or the city government. This detailed questioning highlights the administration's focus on the practical implementation and potential consequences of housing market policies.

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There are both positive and negative aspects.