Woo Sang-ho "Na Kyung-won and Ahn Cheol-soo, Stop Acting as Spokespersons for Construction Contractors"

Criticism of Real Estate Policies by Seoul Mayor Candidate from the Opposition
"Guaranteeing Capital Gains Turns Market into Speculation"
"Provide Policy Answers, Not Political Engineering Responses"

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

[Asia Economy Reporter Koo Chae-eun] Woo Sang-ho, a member of the Democratic Party running in the April 7 Seoul mayoral by-election, criticized candidates Na Kyung-won and Ahn Cheol-soo, saying, "I recommend you stop acting as spokespersons for construction companies," as he sought to check the real estate policies of opposition candidates centered on deregulation.

On the 26th, Woo posted on Facebook, "The result of entrusting redevelopment and reconstruction to the private sector is the current insane housing prices," and added, "Recall the real estate policy of the Park Geun-hye administration, whose motto was 'borrow money and buy a house'." Regarding the key 'real estate pledges' in the current Seoul mayoral election, Ahn Cheol-soo, leader of the People’s Party, advocates private redevelopment and reconstruction, while Na Kyung-won, former floor leader of the People Power Party, emphasizes revitalizing redevelopment and reconstruction and shortening reconstruction periods.

Woo diagnosed, "By loosening regulations and even recognizing multiple home ownership, the market has degenerated into a speculative market that only guarantees capital gains for multi-homeowners." He questioned, "The Moon Jae-in administration’s regulations aim to prevent speculation and block unearned income from speculation; if easing these is not activating speculation, then what is it?"

He said, "I want policy answers, not political engineering answers, on how to prevent speculation and how to prevent original residents from being displaced due to private redevelopment and reconstruction."

Referring to his own real estate supply measures, Woo emphasized, "My real estate policy aims to protect vulnerable residents by having the Seoul city government take responsibility for development through public redevelopment, allowing original residents to live in apartments without bearing the burden of contribution fees."

Woo Sang-ho’s real estate pledges focus on supplying 160,000 public housing units and constructing public housing over railroads. Along with supply measures, they include promoting redevelopment in underdeveloped areas, blocking speculative demand in reconstruction, allowing partial redevelopment under ‘Urban Regeneration 2.0,’ expanding designation of mixed-use zones, and flexibly applying the 35-floor height limit.

Regarding the candidacy announcement of his fellow party competitor Park Young-sun, Woo said, "Today is Park Young-sun’s day, so I did not schedule any public events," and added, "Let’s revive the party through beautiful competition and build a foundation for victory together."