Seoul mayor warns real estate forum risks becoming tax debate

Seoul Mayor Oh Se-hoon said Monday that supply and stabilization of jeonse and monthly rent must be the core agenda of the upcoming national real estate policy forum.

Oh welcomed the forum in a Facebook post Monday, but "looking at the discussion topics the president suggested on social media, I worry this forum could once again become a gathering focused on who should bear a greater tax burden," he said. The national real estate policy forum is scheduled for July 23, to be presided over by President Lee Jae-myung.

Oh stressed that "above all, this forum must first and foremost address the real difficulties people are experiencing on the ground." He added that "Seoul and the broader Greater Seoul area are seeing what can only be called a 'triple rise' — sale prices, jeonse and monthly rent all climbing together," and said "the first question this forum must ask is: how do we relieve the public's pain?"

He said supply measures must be discussed first, arguing that "what the public wants is not a supply plan presented in numbers alone, but effective policy that gives the market confidence that supply will actually expand. The market can only stabilize when there is trust in supply." He also called for revitalization of urban renewal projects to be placed on the agenda, saying "reconstruction and redevelopment are the most reliable supply measures for building more new homes," and that "how to remove the practical obstacles blocking urban renewal projects — including lending regulations — must be treated as a core agenda item." He also said normalization of the jeonse and monthly rent market must be discussed, arguing that "the most urgent issue for young people, newlyweds and ordinary citizens is having a stable place to live right now. How to address the reality of shrinking jeonse listings and ever-growing monthly rent burdens must also be a central topic at this forum."

"What people are struggling with most right now is the reality of home prices and jeonse and monthly rent all surging together," Oh said. "If this forum is truly meant to hear the public's voice, it must confront this most pressing problem head-on. A forum that sidesteps the reality causing the greatest pain to the public cannot be called one that listens to voices from the ground."