Key facts
- 389 of 683 city improvement project areas were canceled between 2012 and 2020.
- The cancellations eliminated the opportunity to supply roughly 430,000 homes.
- Former Mayor Park Won-soon prioritized urban regeneration projects over redevelopment.
The Seoul city government on Friday blamed policies pursued under late former Mayor Park Won-soon for weakening the foundation for long-term housing supply in the capital. The municipality made the assessment in a report analyzing the city's housing policies over the past 20 years, as recent shortages have contributed to sharply rising home prices. The report stated that between 2012 and 2020, while Park served as mayor, 389 of the 683 areas designated for city improvement projects were canceled, eliminating the opportunity to supply roughly 430,000 homes. Park, a member of the ruling Democratic Party, prioritized 'urban regeneration' projects that focused on preservation over large-scale redevelopment or reconstruction. The report comes as current Mayor Oh Se-hoon of the opposition People Power Party has faced criticism from DP lawmakers over his private-led housing supply policy. The city government under Oh plans to build about 310,000 housing units by 2031 through redevelopment and reconstruction projects.