Cho Kuk: "Oh Se-hoon Must Apologize for the Disaster Caused by Gangnam-Biased Policies"

"Oh Se-hoon Set the Seoul Real Estate Market Ablaze," Criticism Mounts
Heated Debate Over Seoul's Real Estate Policies

Cho Kuk, Emergency Response Committee Chairman of the Cho Kuk Innovation Party, continued his criticism for a second day after referring to Seoul Mayor Oh Se-hoon as the "Gangnam Mayor" the previous day. In particular, he pointed out Mayor Oh's decision to lift the land transaction permit system (Toheje), stating, "Shouldn't Mayor Oh make a public apology for this disaster caused by his Gangnam-biased policies?"

On the 14th, Chairman Cho wrote on his social media, "Yesterday, at a meeting with residents of Eunma Apartment in Daechi-dong, Mayor Oh said, 'To stabilize apartment prices in Seoul, especially in the Gangnam area, supply is key,' and gave the residents of Eunma Apartment the gift of a special floor area ratio exemption." He argued, "This is a signal that the Seoul mayoral election is approaching."

Cho Kuk, Emergency Response Committee Chairman of the Cho Kuk Innovation Party. Photo by Kim Hyunmin

He continued, "Oh Se-hoon's policies are driving ordinary citizens and young people out of Seoul," and claimed, "Whenever reconstruction and redevelopment have been promoted in prime areas of Seoul, the prices of new apartments have surged, and this side effect has spread to surrounding areas." Chairman Cho further pointed out, "Even if the supply is maximized in areas with good residential environments like Daechi-dong, ordinary citizens and young people will not be able to enter those areas."

Additionally, regarding Mayor Oh's decision in February to abruptly lift the land transaction permit designation for Jamsil, Samseong, Daechi, and Cheongdam, only to reverse it a month later, Chairman Cho criticized, "Shouldn't there be a public apology for this disaster caused by Gangnam-biased policies?" He added, "The ball that Oh Se-hoon set in motion has set the Seoul real estate market on fire."

Finally, Chairman Cho stated, "Oh Se-hoon's policy of massively allowing private-led reconstruction in the 'Hangang Belt' area to increase supply will make the already heated real estate market boil over and put the housing stability of Seoul citizens at risk." He added, "The Cho Kuk Innovation Party, which seeks to guarantee the right to housing as a part of social rights, is preparing its own real estate stabilization policy to prevent the so-called 'Gangnam invincibility.'

On the morning of the 13th, Seoul Mayor Oh Se-hoon visited Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, where the reconstruction maintenance plan amendment was approved, and held a meeting with residents. Photo by Kang Jin-hyung

Recently, Chairman Cho and Mayor Oh have been engaged in a heated debate over Seoul's real estate policies. Previously, at a party emergency committee meeting, Chairman Cho targeted Mayor Oh, saying, "He is acting not as the Mayor of Seoul, but as the 'Mayor of Gangnam,'" and urged, "Do not become blinded by arrogance and cause a 'second Toheje (land transaction permit system) crisis'; I hope you will remain still." In response, Mayor Oh retorted, "How indifferent and ignorant must he have been about Seoul's housing policies to make such statements so easily?" and added, "He tries to give advice without even understanding the principles of the housing market." Some observers interpret this war of words as a preliminary battle for the next Seoul mayoral race. As a result, the real estate showdown between the two is expected to become a new focal point in the political arena for the time being.