Ruling and opposition parties traded blame over the causes of rising home prices and shrinking supply in the capital region. The Democratic Party of Korea highlighted mistakes during Seoul Mayor Oh Se-hoon's tenure, while the People Power Party took issue with President Lee Jae-myung's reversal of his real estate policy pledges.
The Democratic Party of Korea said at the Land Infrastructure and Transport Committee's full session at the National Assembly on Nov. 11 that Mayor Oh was responsible for the rise in real estate prices in the capital region and the shortage of dwellings supply.
Kim Nam-geun of the Democratic Party of Korea said, "During Mayor Oh Se-hoon's previous four-year term, dwellings supply was only 58% of the 10-year average," and added, "During Oh's four years, dwellings supply fell sharply, and even for the non-apartment segment, it was only 32% of the 10-year average."
They also blamed Mayor Oh for the worsening squeeze in jeonsei and monthly rents. Kim said, "The new-build purchase-and-lease program that buys row houses and multi-family homes provided 6,511 units in 2020, but under Mayor Oh Se-hoon it didn't even reach 2,000," and asked, "How could a jeonsei and monthly rent crunch not happen?"
Jeong Il-young of the Democratic Party of Korea said, "Media reports say Seoul Mayor Oh Se-hoon made requests to the Ministry of Land, Infrastructure and Transport, but it makes it look like the ministry isn't listening," and added, "So they are claiming that this is disrupting apartment supply in Seoul."
He went on, "From what I see, that claim doesn't add up," and requested materials on what Seoul dwellings supply matters Mayor Oh asked the Ministry of Land, Infrastructure and Transport to address.
By contrast, the People Power Party pointed to the Lee Jae-myung administration's reversed pledges as the cause of its failed real estate policy.
Kang Dae-sik of the People Power Party said, "During the last presidential election, candidate Lee Jae-myung said he would never use taxes to stabilize home prices, but he flipped in just one year of his term," adding, "Given that, who would think the public should trust and follow our government's real estate policy?"
Kim Mi-ae of the People Power Party called the Lee Jae-myung administration's real estate policy 'Moon Jae-in administration season 2,' saying, "There won't be a majority of people who think the Moon Jae-in administration's real estate policy was a success."
She added, "Promises made as a presidential candidate should be kept, but they are not," and said, "The reason for the Moon Jae-in administration's failure was its single-minded focus on regulation, and the Lee Jae-myung administration is using regulatory measures faster and more broadly than back then."