Oh Sehoon: "Abolishing the LTHSD Is State Violence... Jung Wono Must State His Position"

by Lee Sungmin

Published 25 Apr.2026 15:33(KST)

"Seoul Citizens Will Be the Biggest Victims of Abolishing the LTHSD"

Oh Se-hoon, the incumbent mayor of Seoul and the People Power Party’s candidate for Seoul mayor, on April 25 urged Democratic Party candidate Jung Won-oh to clearly state his position on the abolition of the Long-term Holding Special Deduction (LTHSD).

On Facebook that day, Mayor Oh wrote, “President Lee Jae-myung has once again made clear his intention to abolish the Long-term Holding Special Deduction via social media. What exactly is candidate Jung’s stance on the president’s plan to abolish the LTHSD? If you are a Seoul mayoral candidate who claims to be responsible for the lives of ten million Seoul citizens, you must answer this question.”

Seoul Mayor Oh Se-hoon is expressing his position regarding the nomination application for the June 3 local elections at the Seoul City Hall briefing room on the 17th of last month. Photo by Kang Jin-hyung

He continued, “As criticism over the abolition of the LTHSD intensified, President Lee this time targeted non-resident owners of a single home, labeling people who have invested in housing for a long time as essentially speculators. According to the president’s logic, abolishing the LTHSD is ultimately a penalty for the ‘crime of holding a house for a long time.’”

Mayor Oh pointed out that real estate accounts for 71.1% of household assets in Korea, and this figure rises to 80% for those aged 65 and older. He added, “In Korea, a house is not simply an investment; it is the backbone of the ordinary people’s assets and the last safety net for retirement. The president, out of fear of being criticized for failed real estate policies, is now blatantly denying this ordinary way of life.”

He went on to say, “Abolishing the LTHSD is not just a simple tax issue. It is state violence that fundamentally shakes the lives of ordinary families who have trusted the government and managed to keep a single home until now. I make it clear that the biggest victims of abolishing the LTHSD will be the citizens of Seoul.”

The previous day (the 24th), Mayor Oh also appeared on the TV Chosun YouTube channel and criticized candidate Jung, saying, “He is highly likely to be a yes-man to President Lee Jae-myung,” and added, “Abolishing the LTHSD is an issue on which any Seoul mayoral candidate must clearly state his or her position.”