Lee Jae-myung "Even Ttukbaegi Wants a New Home"... Promises to Ease Redevelopment and Reconstruction Regulations

Campaigning in Nowon-gu on the 17th to Target Real Estate Sentiment
Lee "Aren't You Angry About Rising House Prices and Taxes? I Am Too"
Seemingly Aware of Seoul Voter Backlash That Led to 4.7 By-Election Defeat... Three Days of Focused Campaigning in Seoul

[Asia Economy Reporters Oh Ju-yeon and Lee Myung-hwan] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, continued his campaign in Seoul, the "barometer of public sentiment," on the third day since the official start of the election campaign. This campaign focused on targeting "real estate public sentiment and the 2030 generation." The strategy is interpreted as an effort to regain the cold Seoul public sentiment caused by the current government's real estate failures and to absorb as many undecided voters in Seoul as possible through support for self-employed people affected by the surge in COVID-19 cases and pledges for office workers and youth.

[Image source=Yonhap News]

On the 17th, during a street campaign in Nowon-gu, Seoul, Lee loudly declared, "I will break the taboo of progressivism and completely change the real estate policy of the progressive government."

Since this area has strong demands for real estate redevelopment, he targeted votes with real estate pledges. To this end, he proposed ▲massive supply expansion ▲reduction of real estate tax burdens ▲activation of redevelopment and reconstruction ▲limiting tax burdens during the COVID-19 phase.

Lee said, "Aren't you angry that house prices and taxes suddenly went up? I am angry too," and added, "I will gradually adjust the excessively increased property tax and comprehensive real estate tax."

Especially targeting Nowon-gu, where reconstruction issues exist, he promised to ease redevelopment and reconstruction regulations, saying, "Even toads want new houses; people need new houses too."

He also hinted at easing loan regulations, saying, "Whether you own 10 houses or 101 houses, loan regulations are the same. Let's loosen LTV to 90% for first-time homebuyers." He emphasized his achievements as a governor in real estate reform, including cost disclosure, restrictions on foreign transactions, and support for original residents' resettlement, putting forward his determination to solve real estate problems.

At the lunch campaign in Gwanghwamun, Lee mentioned the "Candlelight Revolution" at places like Cheonggye Plaza, targeting the concrete support base of people in their 40s. In the afternoon, he planned to visit Wangsimni and in the evening move to Hongdae to also appeal to self-employed people and youth voters.

[Image source=Yonhap News]

Lee has been focusing on Seoul for three consecutive days. Following his emphasis on "overcoming crisis, economy, and unity" at Gangnam Express Bus Terminal on the first day of the official campaign, he targeted "youth and self-employed" in Gangnam and Songpa on the second day, and on this day, he added messages targeting "real estate public sentiment," showing a focus on Seoul public sentiment.

This all-out effort on Seoul public sentiment is interpreted as a strong warning movement that the alienation of Seoul's public sentiment, which caused the crushing defeat in last year's April 7 by-election, should not be left as is.

Seoul, which had elected the late Mayor Park Won-soon three times with over 50% support, overwhelmingly supported Oh Se-hoon of the People Power Party with 57.50% in last year's by-election. Democratic Party candidate Park Young-sun received only 39.18% of the vote.

In the 19th presidential election, Seoul citizens supported Moon Jae-in of the Democratic Party (42.34%) more than Hong Joon-pyo of the Liberty Korea Party (20.78%) and above the national average (41.08%). In the 18th presidential election, when former President Park Geun-hye was elected, more than half of voters in Seoul (51.42%) chose Moon Jae-in of the Democratic United Party. At that time, Park won nationally with 51.55% over Moon's 48.02%, but in Seoul, she received only 48.18% of the vote.

Notably, in areas known as "Nodo-gang"?Nowon-gu (53.14%), Dobong-gu (51.88%), Gangbuk-gu (53.91%)?and the "Geumgwan-gu" cluster?Geumcheon-gu (54.44%), Gwanak-gu (59.19%), Guro-gu (53.65%)?Moon had strong support, but in last year's April 7 by-election, this ratio was completely reversed, with Oh winning overwhelmingly across all of Seoul. At that time, the ruling party was criticized due to soaring real estate prices, and Oh capitalized on his competence in real estate to rally votes.

[Image source=Yonhap News]

Seemingly aware of this, Lee said on the day, "There is a saying that conservatives are good at work but corrupt, and progressives are clean but incompetent, but this is a blatant lie."

He emphasized, "I have proven my ability through my achievements to come this far," and added, "If it is about improving people's lives and reducing their suffering, I will do everything without discrimination."

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