Oh Se-hoon, the candidate for Seoul mayor, sharply criticized the current government's real estate policies on May 9, stating, "I will stand with the citizens until the end," alongside district mayor candidates in Seoul.
In a statement titled "Standing with Citizens Against Real Estate Tyranny" shared on his social media, Oh remarked, "Seoul is currently a real estate hell where everyone suffers, whether they own a home, are looking to buy, or want to sell," directly targeting Lee Jae-myung's real estate policy.
Oh specifically addressed the recent surge in apartment assessed values in Seoul, noting, "The assessed value of multi-family homes in Seoul has risen by 18.6% in just one year, with some areas like Seongdong, Gangnam, Songpa, and Yangcheon nearing a 30% increase." He criticized the government, saying, "It is the administration's policy failures that have driven up housing prices; why should responsible citizens bear that burden?"
He also expressed deep concern for those without homes, stating, "There are currently zero rental listings in complexes with thousands of units," and emphasized, "We have entered an era where tenants must interview in front of landlords." He argued that merely increasing the supply of multi-family and multi-household units will not suffice, insisting that new apartment construction must be allowed to alleviate the overall market.
Oh took a firm stance against the proposed abolition of the Long-Term Holding Special Deduction (LTHSD), stating, "To label citizens who own a single home they have worked a lifetime to acquire as speculators is a cruel act that undermines the middle class's housing ladder," and called for an immediate halt to such measures.
He also criticized loan regulations, stating, "The dual barriers of DSR (Debt Service Ratio) and LTV (Loan-to-Value) effectively mean that only cash-rich individuals can buy homes," and pointed out that redevelopment and reconstruction projects are stalled due to blocked relocation loans, leaving members of associations in limbo.
Oh implicitly targeted President Lee Jae-myung and ruling party candidate Jeong Won-o, questioning, "How can a candidate who only seeks to appease the president represent the cries of the citizens?"
In conclusion, Oh vowed, "I will protect the hopes of ordinary citizens and youth dreaming of homeownership, the valuable assets of lifelong laborers, and the crumbling housing ladder. I will confront the misguided real estate tyranny head-on."
Political analysts interpret this message as a strategic move to seize the real estate issue, a key factor in public sentiment ahead of the June 3 local elections. They note that it particularly targets the anxieties of residents in middle-class neighborhoods and areas undergoing redevelopment and reconstruction.
* This article has been translated by AI.
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