Opposition Party Steps Up Real Estate Offensive After Prosecutorial Withdrawal Push, Seeks Turnaround in the Seoul Metropolitan Area

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[Financial News] The PPP is trying to shift the political mood by putting the issue of "real estate hell" at the forefront, following its push for prosecutorial withdrawal ahead of the June 3 local elections. The move comes as concerns are growing over a possible freeze in housing listings after the temporary suspension of heavier capital gains taxes on multi-homeowners expired on the 9th. The party is also seeking to boost its approval ratings by stoking fears that the Lee Jae-myung administration may raise property holding taxes and abolish the long-term holding special deduction after the local elections.
\rAccording to the opposition camp on the 14th, the PPP launched a broad attack on the government's and ruling party's real estate policy stance, led by candidates for metropolitan government heads in the Seoul metropolitan area and first- and second-term lawmakers. Policy 2830, a study group made up of PPP lawmakers, held a talk concert titled "Korea Redesign: Will the Nightmare of Real Estate Hell Begin Again?" at the National Assembly Members’ Office Building. Shim Kyo-yeon, a professor in the Department of Real Estate Studies at Konkuk University and standing chair of the Central Election Management Committee, delivered a lecture, while lawmakers Cho Jung-hun and Park Soo-min, both from Seoul, took the stage. Shim argued that the Democratic Party of Korea could later insert the public concept of land into the Constitution during a revision process, warning that it could then strengthen real estate regulations by revising laws based on that principle. He added, "During the Moon Jae-in administration, real estate policy was designed while excluding experts. The Lee Jae-myung administration is likely to exclude experts at an even higher level and produce even stronger policies," stressing that the government would roll out more demand-suppression measures.
\rLawmaker Cho Jung-hun said, "President Lee Jae-myung described a home as a place to live, not a place to buy. But we should see it the other way around." He added, "We must not deny that a home is also an important part of one's assets. And we should become a party that gives young people the fastest and most effective opportunity to accumulate wealth."
\rPPP Seoul mayoral candidate Oh Se-hoon also framed the Seoul mayoral race as a fight to "escape real estate hell." At a press conference in front of the Seoul City Hall building in Jung District, Seoul, he said, "We are standing at a crossroads: 'real estate hell or escape,' 'Park Won-soon Season 2 or the future.'" He strongly criticized the situation, saying, "As a result of the rental crisis, with jeonse supply drying up and monthly rents soaring, the lives of young people and ordinary citizens are becoming a daily series of anxiety and pain." He argued that if the government raises real estate-related taxes as expected and the PPP candidate tightens regulations as Seoul mayor, the property market will be thrown into confusion.
\rThe PPP says the Seoul mayor should check the administration and, at the very least, expand supply at the local government level. Former lawmaker Yoo Seong-min also met with Oh and said, "Since the Lee Jae-myung administration took office, housing problems in the Seoul metropolitan area have become extremely serious, and I think there will be major changes to real estate-related taxes after the election." He added, "If you are elected Seoul mayor, you could play a major role in correcting the real estate problem," offering his support.
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haeram@fnnews.com Lee Hae-ram Reporter