Oh Se-hoon: "Democratic Party's Seoul? Everyone Will Experience a 'Real Estate Hell'"

"Blocking New Supply Steals the Dream of Homeownership"


Claims of Heavier Tax Burden on Homeowners and Businesses

Seoul Mayor Oh Se-hoon strongly criticized the government's real estate policy ahead of the June 3 local elections, asserting, "Under the Democratic Party's Seoul administration, people will experience a 'real estate hell.'

Seoul Mayor Oh Se-hoon. Provided by Seoul City

On April 13, Mayor Oh stated on his social media account, "There are virtually no jeonse (long-term lease) properties left in Seoul, and there is a rapid shift toward monthly rentals," making these remarks in his post.

Mayor Oh also pointed at Jeong Won-oh, the Seoul mayoral candidate from the Democratic Party of Korea, saying, "He has failed to respond to the proposal to demand that the President lift indiscriminate real estate loan regulations." He went on, "This is the absolute limitation of the Democratic Party's Seoul mayoral candidate and a preview of the disastrous future that a Democratic Party-led Seoul administration would bring."

He warned, "Under the Democratic Party's Seoul administration, people without homes will suffer triple hardship from soaring rental prices, the disappearance of available properties, and strict lending regulations."

He continued, "Seoul's de facto only housing supply measure, redevelopment projects, have currently come to a halt due to lending regulations and restrictions on the transfer of union member status," adding, "Blocking new supply is tantamount to taking away people's dreams of owning a home."

He further stated, "It seems that not only owners of multiple homes, but even some single-home owners, are being prepared for a punitive property tax bomb," emphasizing, "For those who have no income in retirement and only one home they have lived in all their lives, this government is foreshadowing harsh taxes as well."

He also predicted that excessive taxes would be imposed on businesses, stressing, "Holding land for the purpose of future facility expansion and business growth, not for speculative purposes, is itself an investment."

In conclusion, he asked, "How could candidate Jeong possibly object to the Lee Jae-myung administration?" and reiterated his criticism by saying, "A Democratic Party Seoul mayor, who must blindly follow the current government’s real estate measures, will inevitably turn a real estate hell for both those without homes, homeowners, and businesses into a reality."

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