Park Young-sun: "Plan to Keep Official Land Price Increase Rate Under 10% for Houses Priced Below 900 Million Won"

Park Young-sun, the Democratic Party of Korea's candidate for Seoul mayor, held a focused campaign rally on the 26th in front of Hyundai Department Store in Sinchon, Seodaemun-gu, Seoul, appealing for support. Photo by National Assembly Press Photographers Group

[Asia Economy Reporter Jeon Jinyoung] On the second day of the official campaign for the April 7 by-election, Park Young-sun, the Democratic Party candidate for Seoul mayor, announced her second policy declaration, stating, “I will strongly propose and push the Democratic Party to establish an adjustment system that ensures the official land price increase rate does not exceed 10% for houses with an official land price of 900 million KRW or less.”

During a focused campaign held in front of Hyundai Department Store in Seodaemun-gu, Seoul, Park said, “As real estate prices have risen, the official land prices in Seoul have increased significantly. However, due to COVID-19, the livelihood economy is struggling, and the burden on ordinary citizens is heavy. A buffer mechanism is necessary.”

She emphasized, “The ones suffering the most from the rapid rise in real estate prices are the ordinary citizens among Seoul residents. Through this, we will reduce the tax burden on the middle class and ordinary citizens.”

She also added that she would propose this to Hong Ik-pyo, the chairman of the Policy Committee, to realize the proposal. Park said, “I will ask Chairman Hong this question and strongly urge the National Assembly to pass this law during the April session, and I will wait for the response.”

Regarding the recent controversy surrounding the Korea Land and Housing Corporation (LH), she criticized, “To eradicate real estate speculation, the Conflict of Interest Prevention Act and the Real Estate Transaction Act must be passed. However, the subcommittee chairman of the relevant standing committee from the People Power Party is delaying the law.”

She raised her voice, saying, “If I become mayor, I will establish a Real Estate Supervisory Office in Seoul and, based on laws passed by the National Assembly, create a pre-reporting system for real estate declarations by Seoul city officials in the Seoul city ordinance. I will firmly implement policies so that Seoul city officials gain the trust of Seoul citizens.”

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