Let's Just Go for It... Real Estate Promises of Ruling and Opposition Party Candidates at Risk of Becoming 'Gongyak (Empty Promises)'

Ruling and Opposition Parties Flood Real Estate Promises Ahead of Seoul Mayor By-Election
Lack of Feasibility, Reviving Abandoned Policies
Experts Say Feasibility Is 'Zero' Due to Lack of Realism

[Asia Economy Reporters Inho Yoo, Yuri Kim] ‘Apartments above Gangbyeonbuk-ro and Olympic-daero, 650,000 new housing units to be supplied within 5 years, Line 2 underground station area development.’

These are the pledges made by the candidates from both ruling and opposition parties who have consecutively announced their candidacies ahead of the April 7 Seoul mayoral by-election.

However, experts point out that most of these pledges have been discarded due to technical impracticality or lack concrete evidence. They are recklessly making ‘empty promises’ for a mayoral position that lasts just over a year.

◆ Both Ruling and Opposition Parties Make Development Pledges to Win Votes = According to political circles on the 14th, not only opposition parties but also candidates from the ruling Democratic Party of Korea are continuously releasing various development pledges ahead of the election.

On the 13th, Woo Sang-ho, a member of the Democratic Party who declared his candidacy for the April 7 Seoul mayoral by-election, announced the second phase of his real estate policy at the National Assembly Communication Office with the slogan "I will make Seoul a city where people want to live and find it easy to live!" On this day, candidate Woo revealed detailed pledges related to Hangangmaru Townhouse, K Cheolgilmaru Townhouse, and 123 public housing. Photo by Yoon Dong-ju doso7@

Representative among them is Representative Woo Sang-ho of the Democratic Party, who was the first to declare his candidacy for mayor. He proposed covering Gangbyeonbuk-ro and Olympic-daero and building 160,000 public rental housing units on top. Woo also mentioned lifting the 35-floor height restriction and easing reconstruction regulations for apartments in the northern part of Seoul.

Kim Jin-ae, a member of the Open Democratic Party, classified as a pro-government Seoul mayoral candidate, introduced the ‘Station Area Midtown’ pledge. The aim is to increase housing supply in Seoul through revitalizing development around subway stations and other transit hubs.

Former lawmaker Lee Hye-hoon of the People Power Party also put forward a similar pledge, stating she would build apartments for newlyweds by installing eco-bridges over Olympic-daero and other areas.

[Image source=Yonhap News]

Especially, the pledges of the fragmented opposition candidates are more provocative. Former People Power Party Secretary-General Kim Seon-dong promised to supply 800,000 housing units, while Cho Eun-hee, head of Seocho District Office from the same party, announced plans to supply 650,000 new housing units within 5 years by revitalizing the New Town projects.

Cho even proposed undergrounding the above-ground section of Subway Line 2 and integrating development with the surrounding station areas. Considering that the annual housing supply in Seoul is about 70,000 to 80,000 units, this is up to ten times the current volume.

Kim Geun-sik, head of the Songpa District branch of the People Power Party, also presented a real estate measure to relocate Seoul National University of Education in Seocho-dong, Seoul, and build youth housing on the site.

The People Power Party’s emergency committee chairman Kim Jong-in personally took charge of real estate issues. On the 13th, Chairman Kim proposed pledges opposing the ruling party’s policy direction, including revitalizing redevelopment and reconstruction, securing urban land by relocating railway vehicle depots, abolishing the capital gains tax surcharge system, and specifying a ceiling on official property prices.

◆ Experts Say "Zero Feasibility" = Experts harshly criticize the real estate pledges of major candidates as practically ‘zero’ in feasibility.

Ahn Myung-sook, head of the Real Estate Investment Support Center at Woori Bank, said, “They have brought up all the issues they think are problematic in the current government’s real estate policy,” adding, “Many pledges are beyond the authority of the Seoul mayor, and with only about a year in office, there will be limits to what can be done.”

Especially, the pledges to create land by utilizing Gangbyeonbuk-ro, Olympic-daero, and railway land are considered not even worth reviewing in terms of safety and cost.

Professor Lee Chang-moo of Hanyang University’s Department of Urban Engineering pointed out, “Building houses on roads or railways currently in use is highly unlikely to be feasible due to enormous costs.”

A representative from a construction company also said, “If houses are built above riverside roads, enormous costs will be incurred to solve vibration and noise issues,” adding, “It’s a pie-in-the-sky idea that doesn’t even consider sunlight rights or view rights.”

A person involved in redevelopment projects said, “Housing on roads requires permits and faces significant local complaints, so it’s difficult to activate beyond pilot projects,” adding, “In a situation where residential welfare and quality of life are pursued, houses on roads are unlikely to contribute to residential welfare, so I think it will remain a showy pledge.”

Some also evaluated the opposition’s pledge to exempt comprehensive real estate tax for single homeowners aged 65 and over as “beyond the mayor’s authority” and directly contradicting the current government’s policy direction.

Professor Shim Kyo-eon of Konkuk University’s Department of Real Estate said, “Both ruling and opposition parties are proposing supply expansion or deregulation to win votes,” adding, “Since the government has maintained a certain policy direction so far, these pledges clearly have limits.”

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