Opposition Rallies Around Real Estate, Also Backs Oh Se-hoon

[Financial News] The broad conservative camp is joining forces around real estate issues in the Capital Metropolitan Area and forming a policy alliance. Lee Jun-seok, a Reform Party lawmaker who resigned as party leader, has joined hands with the People Power Party as co-chair of the Capital Metropolitan Area Housing Innovation Forum. Jo Eun-hee, chair of the People Power Party's Seoul chapter, and the party's non-parliamentary local committee chairs in Seoul held a party-government consultation meeting with Seoul Mayor Oh Se-hoon and pledged to win the 2028 general election. The move appears aimed at expanding their ranks among conservative figures in the Capital Metropolitan Area.
People Power Party and Reform Party lawmakers held the inaugural general meeting of the National Assembly research group, the Capital Metropolitan Area Housing Innovation Forum, at the National Assembly Members' Office Building on the 30th. Cho Jung-hun, whose district is Seoul's Mapo-gap, and Lee Jun-seok, whose district is Hwaseong-eul in Gyeonggi Province, serve as co-chairs, while many lawmakers from both parties representing the Capital Metropolitan Area have joined the group. Park Soo-min of Seoul's Gangnam-eul serves as the lead researcher. Yu Eui-dong, a member of the National Assembly's Land, Infrastructure and Transport Committee; Jo Eun-hee, chair of the People Power Party's Seoul chapter; and Kwon Young-se, a five-term senior lawmaker representing Seoul's Yongsan district, also joined.
The opposition camp plans to put their heads together to resolve housing insecurity in the Capital Metropolitan Area, where apartment prices in Seoul have risen for 85 consecutive weeks. In particular, they plan to scrutinize the government and ruling party's overall real estate tax reforms and lending regulations, while presenting expanded private-sector housing supply through eased reconstruction and redevelopment rules as an alternative. Park Soo-min said, "They say they will provide housing through a public-sector-centered approach, even though they could simply support the private economy," and proposed preferential financing for young people as a way to help them obtain homes. Lee Jun-seok argued, "If you stigmatize and drive out one side of the market, all that remains is a supply cliff," adding, "We must present measures that respect the choices of genuine homebuyers who are willing to take on debt to purchase a home."
The forum believes it can compete in the next general election only by offering alternatives in real estate policy, a key pillar of the people's livelihood economy. Because the Capital Metropolitan Area is a difficult electoral territory where the Democratic Party of Korea has consistently performed well, the group aims to capture centrist voters by highlighting real estate issues that matter to voters in the region. The forum is also significant because it represents real estate cooperation between the People Power Party and the Reform Party. The cooperation could eventually develop into an alliance for the general election. Lee Jun-seok said, "There have not been many major differences between the two parties on real estate policy," adding, "If the wounds created by politics are healed, I believe there will be more things we can do together going forward."
Meanwhile, Oh Se-hoon met with the People Power Party's Seoul chapter at the Seoul Metropolitan Government in Jung-gu, Seoul, on the same day and agreed to pool their strength for a general election victory. He held a breakfast party-government consultation meeting with Jo Eun-hee, Shin Dong-wook, who represents Seoul's Seocho-eul, and more than 20 non-parliamentary local committee chairs.
The Seoul Metropolitan Government and the People Power Party's Seoul chapter agreed to institutionalize their party-government consultations and regularly confer on real estate and other current issues. Since real estate sentiment was a major factor in Oh Se-hoon's victory in the June 3 local elections, they plan to carry that momentum through to victory in the general election. Shin Dong-wook said, "I regret that the party and the Seoul Metropolitan Government have had a somewhat loose relationship on real estate and other issues," adding, "It would be good if you could arrange opportunities for us to meet and consult regularly."
There were also expressions of optimism about winning the general election. After the breakfast meeting, Jo Eun-hee told reporters, "Oh Se-hoon's election gave the non-parliamentary local committee chairs in Seoul and us hope that we, too, could enter the National Assembly. I said I hoped we could win a resounding victory in the general election while maintaining this momentum," adding, "We also agreed to hold party-government consultations frequently and meet regularly before the end of this year. We decided that the next gathering would be an MT. It will likely be a two-day, one-night event."
[email protected] Lee Hae-ram Reporter