Oh Se-hoon’s days in the political wilderness are well behind him. He was re-elected Seoul mayor on June 1, becoming the first person to win a fourth non-consecutive term. Oh can now claim to have the democratic authority of residents behind his quest to fundamentally transform the city’s urban fabric and nurture its global business potential.

Having run on a platform of promising to fix real estate problems as fast as possible, Mayor Oh vowed in his inauguration speech to stabilize the housing market “using all possible policy methods.” Identifying housing as the most critical challenge facing Seoul's 10 million or so residents, he pledged that his administration would build high-quality rental housing, targeting low-income and economically vulnerable populations, young couples and single-person households.