Na Kyung-won Criticizes Oh Shin-hwan: "Maintain Election Dignity... Newlywed Couple Support Fund Is a Calculated Pledge"

"Based on Accurate Calculations and Financial Condition Analysis"
Fixed Annual Expenditure of 360 Billion Won from the 4th Year

Political Attacks Won't Change the Game
"We Will Uphold Dignity and One-Team Spirit"

Former lawmaker Na Kyung-won, a candidate in the People Power Party's Seoul mayoral by-election primary, is announcing job policy pledges in front of Seoul Botanic Park in Gangseo-gu, Seoul on the 7th. Photo by National Assembly Press Photographers Group

[Asia Economy Reporter Lee Hyun-joo] Former lawmaker Na Kyung-won, a main candidate in the People Power Party’s Seoul mayoral by-election primary, rebutted on the 7th against ongoing criticisms of her pledge to provide up to 100 million KRW in real estate interest benefits to youth and newlyweds, calling it a "well-prepared pledge based on precise calculations, a field-oriented policy model design, and an analysis of fiscal conditions."

Na stated on her Facebook, "On the 5th, I announced plans to build 10,000 public rental housing units with land lease annually, totaling 100,000 units over 10 years," adding, "The expected sale price is around 10 million KRW per pyeong." She continued, "My pledge is to support the initial loan interest for three years for youth and newlyweds who wish to move into these public housing units, as well as households with children under six years old," explaining, "Specifically, the target group includes youth under 39 years old with an annual income below 70 million KRW, newlyweds married within seven years or prospective newlyweds, and households with children under six years old with a combined spousal income below 100 million KRW." She added, "With a simple calculation at an annual interest rate of 3%, youth would receive about 9 million KRW per year, and newlyweds about 15 million KRW in loan interest subsidies."

Na further explained, "In the second year, an additional 10,000 units will be built, making a total of 20,000 units. Assuming a 50% allocation each for youth and newlyweds, the loan interest amount required would be about 240 billion KRW, increasing to 360 billion KRW in the third year," adding, "From the fourth year, the loan interest support for the initial 10,000 households moving in during the first year will end, so from the fourth year onward, an annual fixed expenditure of 360 billion KRW will be required."

He pointed out, "Seoul’s annual budget is approaching 40 trillion KRW, and if even less than one percent of the total Seoul budget cannot be used to support loan interest for youth and newlyweds in public housing built at 10,000 units per year, it is tantamount to giving up on Seoul’s housing welfare altogether."

Na posted again on Facebook the same day, saying, "I always welcome open criticism and discussion of my pledge, but political attacks that focus solely on attacking without even examining the specific details of the pledge and trying to frame it will not change the game," emphasizing, "I will proceed with dignity and a one-team spirit during the main primary and unification process."

Former lawmaker Oh Shin-hwan. [Image source=Yonhap News]

Earlier, former lawmaker Oh Shin-hwan issued a statement the previous day, criticizing, "Is it Na Kyung-won or Na Kyung-young? She says she will cut property tax, comprehensive real estate tax, and capital gains tax, while simultaneously pledging to support newlyweds who get married and have their first child with 117 million KRW. Realistic claims that make sense are needed."

He continued, "How does she plan to secure a budget that will easily require 5 trillion KRW, even with rough calculations, by cutting taxes and increasing expenditures? If conservative politics wavers between hardline conservatism and populism, there will truly be no solution," and criticized, "I politely request restraint from making unrealistic and absurd pledges."

Meanwhile, on the same day, Na announced job policies and a pledge for the Magok convergence industry hub. She promised to develop Seoul’s five major regions by their characteristics, including the previously announced Northeast Digi-Tech Hub, to create about 250,000 new jobs, introduce the Seoul-type Employment HELP Voucher system, and open the Seoul One portal for Seoul-type job linkage services. In Magok, she plans to establish a 'Smart Eco Town' and open an online showroom and a global business support center. She also pledged to open 'Another Parent Center' by creating 100 daycare centers, and to expand roadways by constructing a connecting road between Airport Boulevard and Olympic Boulevard, as well as a southern ramp connection on Banghwa Boulevard.

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