Seoul:Seoul Mayor Oh Se-hoon announced plans to advance the city's housing supply strategy, with construction already underway for 15,000 units this year.
According to Yonhap News Agency, the city government is aiming to initiate construction on 310,000 housing units by 2031. These efforts are part of redevelopment and reconstruction projects designed to address recent supply shortages and rising housing prices.
Mayor Oh emphasized the importance of continuous supply to alleviate housing concerns, highlighting the acceleration of improvement projects through rapid integrated planning. He also expressed the city's intention to tackle on-site challenges and reduce unfair regulations to ensure a steady flow of housing supply.
Additionally, the mayor committed to addressing rental housing shortages by enhancing the foundation for private sector involvement in housing supply.