Joo "Making Every Effort in Consultation with the Democratic Party"
Oh "Urging the Party to Work Hard to Fulfill the Pledge"
Seoul Mayor Oh Se-hoon (right) is speaking at the People Power Party-Seoul City real estate policy consultation meeting held at the People Power Party Central Party Office in Yeouido, Seoul, on the afternoon of the 11th. On the left is Joo Ho-young, Acting Party Leader. 2021.4.11 [Photo by Yonhap News]
[Asia Economy Reporter Hyunju Lee] On the 11th, the People Power Party and Seoul Mayor Oh Se-hoon held a real estate policy meeting at the Yeouido Central Party Office to discuss the implementation plan of Mayor Oh's real estate pledges for the by-elections.
Joo Ho-young, Acting Party Leader of the People Power Party, said, "The People Power Party has agreed to cooperate with Mayor Oh to correct real estate policies, and today is the first step," adding, "We will carefully consider what can be decided at the Seoul city level, what requires cooperation from the Ministry of Land, Infrastructure and Transport, and what needs legislative amendments at the National Assembly level. We will do our best to negotiate with the Democratic Party so that the residential measures planned by Mayor Oh can be smoothly implemented."
Lee Jong-bae, Chairman of the Policy Committee, also said, "The party will actively support follow-up measures to ensure that the pledges, such as the speed housing supply that Mayor Oh is preparing, are implemented without any setbacks," and added, "We expect a progressive attitude from the Blue House, the government ruling party, and the Seoul City Council regarding legislation and institutional improvements."
Mayor Oh presented solving the real estate problem as the top priority and proposed "speed housing supply" as his first pledge. The main point is to normalize redevelopment and reconstruction through rapid deregulation such as floor area ratio relaxation and to revitalize private supply.
Mayor Oh said, "There are parts that can be resolved through ordinance amendments by the city council, such as height regulations and floor area ratio relaxation in residential areas. Secondly, there are matters that need to be discussed with the central government, including the Ministry of Land, Infrastructure and Transport," and suggested, "Regarding the shared housing pledge, if various tax benefits such as property tax, comprehensive real estate tax, holding tax, inheritance tax, corporate tax, and capital gains tax are not guaranteed, there will be problems in institutional stabilization. Legislative action must be expedited." He also said, "I proposed as a pledge that the comprehensive real estate tax be converted into local tax so that it can be used as resources for balanced development between Gangnam and Gangbuk, and I ask for a lot of support."
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