Real Estate Special Committee Visits Sangye New Town
Intensifies Criticism of October 15 Measures
Aims to Reverse Political Tide with Policy Alternatives
Education Scholar Joins Special Committee
Seeks Differentiation by Addressing
Education Issues and Demographic Changes from Multiple Perspectives
The "Special Committee on Normalizing Real Estate Policy" (Real Estate Special Committee), led by Jang Donghyuk, leader of the People Power Party, visited a real estate redevelopment zone on October 24 to listen to public opinion. The strategy is to both intensify criticism of the October 15 real estate measures and present policy alternatives, aiming to use this as an opportunity to turn the political tide.
On this day, the Real Estate Special Committee held a "People Power Party and Seoul Metropolitan Government Real Estate Policy On-site Meeting" at the Sangye 5 Redevelopment Promotion Zone in Nowon-gu, Seoul. Although Nowon has not seen significant increases in real estate prices, it has been designated as a land transaction permit zone under the October 15 measures, which is expected to disrupt redevelopment projects. The meeting was attended by Jang Donghyuk, the committee chairman, Song Eonseok, the party’s floor leader, other party leadership, and Oh Sehoon, the mayor of Seoul. Jang emphasized, "The October 15 measures, which shatter the dreams of citizens who wish to own a single home, like those here today, must be withdrawn."
Jang Donghyuk, leader of the People Power Party, and Oh Sehun, mayor of Seoul, are inspecting the redevelopment promotion zone at Sanggye 5, Nowon-gu, Seoul, on the morning of the 24th. 2025.10.24 Photo by Kang Jinhyung
Song, the floor leader, stated, "The government should increase supply so that people can live in better apartments," and called for easing requirements for redevelopment and reconstruction. Kim Doeup, the party’s policy committee chairman, proposed at a National Assembly audit countermeasures meeting that the law abolishing the reconstruction excess profits recovery system should be passed in this regular session of the National Assembly through bipartisan agreement. Mayor Oh also expressed his expectation, saying, "With the support of the special committee, I hope the project will progress rapidly."
Meanwhile, the People Power Party additionally appointed Yang Jeongho, a professor of education at Sungkyunkwan University, as a member of the Real Estate Special Committee. The party leader has taken the initiative to form the special committee with both internal and external experts on real estate policy, and Professor Yang is participating as the only non-expert in real estate.
The inclusion of an education expert in the Real Estate Special Committee is intended to differentiate the party’s approach by criticizing the government and ruling party’s one-sided regulatory response, and by addressing the issue from various perspectives such as education, social mobility, and demographic changes. With the local elections in June next year approaching, the party also aims to gauge public sentiment, viewing real estate policy as a potential game-changer. Professor Yang stated, "Real estate policy is not simply an economic issue; it is connected to many areas, including social inequality, education, and welfare."
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