With the Seoul mayoral election set for June 3, Democratic Party candidate Jeong Won-oh and People Power Party candidate Oh Se-hoon have escalated a daily war of words over real estate. After Jeong on April 29 unveiled a housing platform centered on shortening redevelopment timelines, Oh’s camp countered that Jeong was repackaging policies already underway.
Jeong announced what he called the “Chakchak Development” real estate plan from the rooftop of Sinjangwi Apartment in Seongbuk-gu, Seoul, outlining steps to improve the profitability of redevelopment and reconstruction projects. The announcement came as Oh’s side pressed Jeong to state his position on President Lee Jae-myung’s remarks about abolishing the long-term holding special deduction; Jeong responded by emphasizing housing supply.
Jeong’s plan includes expanding areas eligible for floor-area-ratio incentives to semi-industrial zones and raising the standard used to calculate the price of rental housing purchased by redevelopment associations — from standard construction costs to about 80% of the “basic-type” construction cost. He also pledged to revitalize public-led redevelopment projects and to supply large volumes of “practical housing” priced at levels residents can afford.
“Chakchak Development is centered on revising laws and operating our own system so each redevelopment stage can move quickly and safely,” Jeong said.
Jeong also sharply criticized Oh’s redevelopment initiative known as “Shintong Planning.” Jeong said that during Oh’s tenure as mayor and under the Yoon Suk Yeol government, the supply of apartments and villas in Seoul fell sharply, with the number of permits and approvals in 2022–2024 amounting to only 62% of the previous 10-year level. He pledged to supply large amounts of public housing with affordable sale prices and rents so that middle-class and working-class residents without homes can buy in Seoul.
Oh, who on the same day announced “Steel Fitness, Energetic Seoul” as his first campaign pledge, avoided direct comment on Jeong’s housing plan. His aides, however, issued pointed criticism.
Kim Byung-min, spokesperson for Oh’s election committee, said Jeong was “disguising” existing programs as new pledges.
Kim said the Yoon government’s August 2024 “8·8 measures” already set a plan to raise the purchase price for rental housing to 80% of the basic-type construction cost, and that related bills introduced by both ruling and opposition parties passed the National Assembly this month. He also said expanding floor-area-ratio incentive zones to semi-industrial areas is already being implemented by the Seoul city government.
“In short, Jeong is pledging to start a train that’s already running,” Kim said. “Can Seoul’s real estate problems be solved with this kind of amateur administration?”
Oh’s camp also criticized Jeong for staying silent on the Lee government’s real estate policies. Park Yong-chan, another spokesperson for Oh’s campaign, said in a statement that “wrong real estate policies” by the Lee administration — including last year’s “10·15 measures” and a plan to abolish the long-term holding special deduction — had triggered a rental crunch.
Park said forecasts suggest that if the policy direction continues, Seoul’s rental shortage and surging lease prices could become entrenched. He urged Jeong to press the president to change course “quickly and strongly” before the rental crisis “falls into ‘rental hell.’"
* This article has been translated by AI.
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