"We Will Focus All Party Efforts on Repealing the Government's October 15 Real Estate Policy"
Meetings Planned with Young People, Newlyweds, and Redevelopment Association Leaders
On October 24, the leadership of the People Power Party and Seoul Mayor Oh Sehoon visited a reconstruction site in Sanggye-dong, intensifying their public campaign by criticizing the Lee Jaemyung administration's October 15 real estate policy. They also responded to calls urging the Seoul Metropolitan Government to expedite architectural reviews.
People Power Party leader Jang Donghyuk is holding a meeting with residents after visiting the Sangye 5 Redevelopment Promotion Zone in Nowon-gu, Seoul on October 24, 2025. Photo by Kang Jinhyung
Jang Donghyuk, leader of the People Power Party and head of the Special Committee for Normalizing Real Estate Policy, along with Mayor Oh, visited the Sangye 5 Redevelopment Promotion Zone in Nowon-gu, Seoul that morning to listen to public sentiment. Nowon has been designated as a land transaction permit area under the October 15 measures, raising concerns that redevelopment projects may face setbacks.
Jang Donghyuk, leader of the People Power Party, stated, "Just as we were about to open the door and move forward, the government announced a housing market stabilization policy, which turned everything inside the house upside down, forcing us to spend even more time putting things back in order. The party and the Seoul Metropolitan Government will work together to ensure the project can gain momentum."
He continued, "The October 15 policy neither stabilizes housing prices nor allows people to realize their dream of owning a single home for a decent life. Even though we are a minority opposition party, we will focus our efforts on having this real estate policy withdrawn."
Addressing residents' concerns about delays in the redevelopment project, Mayor Oh said, "From now on, things can only move faster. Please do not worry. The Seoul Metropolitan Government will expedite the approval process." Regarding the impact of the government's October 15 real estate measures on the public, he explained, "Some people will have to take out loans from banks to pay their share, but under this policy, loan restrictions will apply. The real issue with this policy is not the Seoul Metropolitan Government's approval process, but rather the obstacles it creates for your cooperation and progress."
In response to a resident's request to sincerely consider the poor housing environment, Mayor Oh replied, "I grew up in Samyang-dong, not far from here, in an even harsher environment during my childhood. How could I not understand what it means to live in difficult conditions? I remember it all too well." He added, "While following administrative procedures may be frustrating, Seoul city officials have worked tirelessly to reduce the redevelopment period from 18 years and 6 months to 12 years. We will do our utmost to swiftly improve these challenging housing conditions."
The People Power Party's Special Committee for Normalizing Real Estate Policy will continue its on-site activities to gather input from experts and various groups, including the 2030 generation. They also plan to hold meetings with young people, newlyweds, and heads of redevelopment and reconstruction associations.
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