[Interview] Woo Won-sik "Power Structure Must Change... Comprehensive Real Estate Tax Should Not Be Touched"

Democratic Party Leader Candidate Relay Interview ③
Experience Preparing Constitutional Amendment Proposal as 20th Floor Leader, Emphasizing Public Consensus
Criticism of Song Young-gil's Real Estate Policy... Focus on Abolishing Supply and Rental Business Privileges

Woo Won-sik, Member of the Democratic Party of Korea./Photo by Dongju Yoon doso7@

[Asia Economy Reporter Jeon Jinyoung] Woo Won-sik, a member of the Democratic Party of Korea running for party leader, raised the necessity of constitutional amendment focusing on power structure and decentralization.

In a recent interview with Asia Economy at the National Assembly Members' Office Building, Woo said, "Because we have not changed the power structure for a long time, there is a growing voice demanding social change," adding, "A constitutional amendment for a better life for the people is inevitable." He also has experience preparing a constitutional amendment and accelerating related legislation during his time as floor leader of the 20th National Assembly. Woo emphasized, "We need to review how to establish measures to form a national consensus."

Currently, constitutional amendment discussions led by National Assembly Speaker Park Byeong-seok are expected to begin around June. Speaker Park’s focus is on ‘restructuring the power system.’ This includes proposals such as presidential re-election, multiple terms, or a parliamentary system, aiming to create a power structure suitable for the current era. Woo’s vision aligns with this trend and direction. Other candidates for party leader, including Song Young-gil and Hong Young-pyo, have also shown a progressive stance on constitutional amendment, making it highly likely that discussions will intensify ahead of the presidential election.

Woo Won-sik, Member of the Democratic Party of Korea./Photo by Dongju Yoon doso7@

Regarding the controversial shift in real estate policy within and outside the party, Woo clearly stated his position that the Comprehensive Real Estate Holding Tax (종합부동산세, Jonghap Budongsanse) should not be touched. He said, "If you tamper with the comprehensive real estate tax, it sends a signal to the market that taxes will be cut." He targeted party leader candidate Song, who advocated easing the Loan-to-Value ratio (LTV) and Debt-to-Income ratio (DTI). Woo raised his voice, saying, "Are we heading into another era of instability and becoming a real estate republic?" He criticized Song, saying, "The person who will become party leader should reach conclusions through discussions within the party, but it is problematic if their claims go too far."

Woo stressed, "We must strengthen supply policies such as half-price apartments and high-quality lifelong housing, and work to abolish special privileges for rental business operators," adding, "If I become party leader, I will create a comprehensive real estate policy organization led by the party to discuss these issues."

Meanwhile, his campaign slogan is ‘Direct Breakthrough with People’s Livelihood.’ He also pledged to immediately address retroactive compensation for losses suffered by self-employed individuals once he becomes party leader. He said, "I will immediately activate the Loss Compensation Special Committee to discuss specific directions and scope, and prepare retroactive application legislation," adding, "I will overcome concerns about fiscal soundness and provide definite support."

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