Seoul's goal of breaking ground on 310,000 housing units by 2031 is achievable when the fundamental principle of "supply lag" in housing administration is taken into account, Kim Tae-soo, Chair of the Seoul Metropolitan Council's Housing and Urban Planning Committee (People Power Party, Seongbuk 4), said Tuesday.
The 310,000-unit construction target was announced by Seoul Mayor Oh Se-hoon last September through the "Speedy Integrated Planning 2.0" initiative. Kim described it as "an honest and responsible commitment that takes into account realistic constraints, including the construction industry slump and the actual time required to implement redevelopment projects in phases."
Explaining the concept of supply lag, Kim said, "Redevelopment projects are long-term undertakings that take more than 12 years in total, even with Speedy Integrated Planning." He added, "Since construction can only begin after at least eight years, the shortage of construction volume is a natural consequence of this time lag."
For this reason, apartment completion figures were maintained between 2012 and 2020 despite the previous mayor's administration lifting nearly 400 redevelopment (designated) zones, thanks to permits issued before 2011, according to Kim.
According to Statistics Korea data, apartment permits averaged 40,137 units annually between 2021 and 2025. Kim argued that the shortage of construction volume over the past five years since 2021 is precisely due to this supply lag.
Reflecting on his four years of legislative activity, Kim said, "Through policies such as redevelopment normalization and Speedy Integrated Planning, I have devoted all my efforts to stabilizing Seoul's housing market and restoring housing supply momentum, focusing on redevelopment (designated) zones."
He also added, "The apartment permits that have gone through Mayor Oh Se-hoon's Speedy Integrated Planning represent policy achievements that will lead to groundbreaking in the near future. Because of this, whoever becomes mayor will not have to agonize over apartment supply the way we have over the past four years, at least for the time being."
Kim also pointed out the urgent need to improve the poor residential conditions for residents in areas where redevelopment (designated) zones have been lifted.
"Individually constructing low-rise villas (multi-household and row houses) places a heavy cost burden on residents and takes a long time because it is difficult to carry out unified development within a given area. Therefore, redevelopment projects must be promoted through floor area ratio relaxation and improved project feasibility," Kim proposed.
Kim expressed regret that despite the Seoul Metropolitan Council and the Seoul city government pursuing housing policies that reflect residents' aspirations, some political circles have instead criticized these efforts as "villa phobia."
"Some argue that Seoul has neglected the supply of non-apartment housing, but this claim is inconsistent," Kim said. "The Seoul city government has actively worked to eliminate regulations to revitalize small-scale buildings, including relaxing floor area ratios in Class 2 and Class 3 general residential zones."
