The Seoul Mayor By-election Kicks Off... Both Ruling and Opposition Parties Claim to Be 'Real Estate' Problem Solvers

Seoul Mayor Candidates from Ruling and Opposition Parties Compete with 'Real Estate Pledges'
Ahn Cheol-soo and Kim Geun-sik: "Seoul Mayor to Serve as a Bridgehead for Regime Change"
Oh Se-hoon and Na Kyung-won Also Possible Candidates

Woo Sang-ho, Democratic Party of Korea lawmaker Photo by Yonhap News

[Asia Economy Reporter Kang Juhee] With the Seoul mayoral by-election scheduled for April next year just over four months away, candidates are continuing to announce their bids, heating up the race. Candidates from both ruling and opposition parties have unveiled 'real estate pledges' to win public support. Opposition candidates are strongly expressing their determination for a 'regime change' by opposing the current government.

Woo Sang-ho, a member of the ruling Democratic Party who was the first to declare his candidacy, pledged to supply "160,000 public housing units" in Seoul. The plan involves securing public land by covering the Gangbyeonbuk-ro and railway sites to build public housing.

On the 13th, Woo held a press conference at the National Assembly to announce his candidacy for Seoul mayor, stating, "Cities with stable real estate markets have public housing proportions ranging from 25% to 40%, whereas Seoul falls short of 10%," and added, "Apart from government announcements, I will supply about 160,000 public housing units in various ways within Seoul."

Woo continued, "I have decided to make my final political challenge as Seoul mayor to stabilize the chaos and restore daily life," emphasizing, "I will dedicate myself as the Democratic Party's representative player for the successful conclusion of President Moon Jae-in's term and the Democratic Party's return to power."

Kim Jin-ae, a member of the Open Democratic Party, presented 'Transit-Oriented Midtown' as her main pledge. At a press conference held at the National Assembly on the 27th, Kim said, "I will become the first Seoul mayor with an urban planning background," adding, "I will fully utilize the potential of existing and new transit areas to create a midtown where living and working are close, mixed, and integrated."

Kim also proposed pledges including ▲ full support for redevelopment and reconstruction for public interest ▲ promotion of complex growth hub projects ▲ establishment of Seoul Economic Development Corporation ▲ succession of Han Myeong-sook and Park Won-soon's '10-minute neighborhood' policy ▲ construction of a care oasis platform.

Former People Power Party lawmaker Lee Hye-hoon. Photo by Yonhap News

Opposition candidates for Seoul mayor have also prominently presented real estate pledges. Former People Power Party lawmaker Lee Hye-hoon declared her candidacy last month with the slogan "From Political Seoul to Economic Seoul! Lee Hye-hoon is the answer!" and proposed expanding both public and private housing supply.

Specific plans include ▲ construction of 'Honey Sky' (tentative name), an equity accumulation-type housing for newlyweds and families with young children, centered on redevelopment complexes along the Han River ▲ construction of 'Seoul Blossom' (tentative name), an 80-story super high-rise facility in four districts of Gangbuk and Gangseo for youth, as public housing supply models.

For private supply, she pledged ▲ easing requirements for designation of maintenance zones ▲ relaxing criteria for dilapidated housing ▲ easing donation ratios ▲ relaxing sunset clauses ▲ easing conditions for administrative cancellation ▲ adjusting weighting for owners of newly built lots in administrative cancellation areas.

Lee emphasized, "Since these can be built with construction costs only, without land costs, I will open the path to homeownership at prices affordable for young people buying their first home," adding, "I will create a Seoul where dirt-poor, homeless people do not despair."

Jo Eun-hee, head of Seocho District Office, pledged to supply 650,000 housing units over five years. At the 'Towards a Better World' Mapo Forum on the 3rd, Jo stated, "We will supply 70,000 to 80,000 up to 130,000 housing units annually, totaling 650,000 units over five years," and added, "We will adapt half of the 393 redevelopment projects canceled by Seoul City to fit the reality, implementing mini new towns and medium to large-scale new towns accordingly."

Jo also expressed her intention to implement a 'Good New Town Project' to support tenants displaced by redevelopment and reconstruction. Additionally, she proposed a plan to reduce property tax by 50% for all Seoul citizens until housing supply stabilizes.

Ahn Cheol-soo, leader of the People Party, is speaking at the Supreme Council meeting held at the National Assembly on the 21st. Photo by Yonhap News

Ahn Cheol-soo, leader of the People’s Party, criticized the current government's real estate policies and emphasized his role as a foothold for regime change.

At a press conference at the National Assembly on the 20th, Ahn said, "Watching the collapsing Republic of Korea with a heart bleeding, I thought now is not the time to worry about the presidential election but to prevent the situation where regime change becomes impossible due to losing the Seoul mayoral election, even if I have to throw myself into it," explaining his reason for running.

Ahn added, "I will normalize the real estate market to revive the dream of housing and stop the tax bomb," pledging, "I will realize politics that solves problems, not politics that creates problems."

Kim Geun-sik, professor at Gyeongnam National University and head of the People Power Party’s Songpa-byeong district branch in Seoul, also expressed his intention to run for Seoul mayor. On the 28th, he posted on his Facebook, "There is no way but to remove the Moon Jae-in administration that ruined the country and plunged the people into misery," and stated, "A new and fresh politician, not an establishment politician, must be selected as the candidate in the People Power Party primary."

Kim continued, "We need a gladiator mayor who can openly criticize the Moon administration’s recklessness, incompetence, and shamelessness, and stand at the forefront of the opposition party to fight vigorously," emphasizing, "As the main striker of the People Power Party, I will lay the groundwork for our opposition to win the presidential election and change the regime one year after the mayoral election."

Other lawmakers who have declared their candidacy for the Seoul mayoral by-election include former People Power Party lawmakers Lee Jong-gu and Kim Seon-dong, as well as former Democratic Party lawmaker Geum Tae-seop, who left the party.

Although they have not declared their candidacy, former Seoul Mayor Oh Se-hoon and former People Power Party lawmaker Na Kyung-won are also considered potential candidates, making fierce competition expected ahead of this election.

This content was produced with the assistance of AI translation services.