Oh Se-hoon: "Consumption Coupons Raised Home Prices" vs Cho Kuk: "An Argument Even a Cow Would Laugh At"

Agrees on the Need to Increase Supply
"The Real Issue Is Where and What Kind of Homes Will Be Supplied"

Cho Kuk, Emergency Response Committee Chairman of the Cho Kuk Innovation Party, strongly objected to Seoul Mayor Oh Se-hoon's claim that "consumption coupons" were the cause of the sharp rise in Seoul real estate prices. Chairman Cho criticized this argument as "something that would make even a cow laugh," insisting that the root cause of Seoul's real estate issues should be sought elsewhere.

On November 1, Chairman Cho shared an article on his Facebook page titled "Oh Se-hoon: 'Seoul housing prices rose because of the Lee administration's consumption coupons,'" stating, "He is making a bizarre argument to avoid admitting that his own lifting of the land transaction permit system or redevelopment in Gangnam are the causes." While he agreed on the need to increase supply, he pointed out, "The real issue is where and what kind of homes will be supplied."

Seoul Mayor Oh Se-hoon strongly opposed the claim that 'consumption coupons' were the cause of the rapid rise in Seoul real estate prices, made by Cho Kuk, Emergency Response Committee Chairman of the Cho Kuk Innovation Party.

Chairman Cho went on to say, "The Cho Kuk Innovation Party insists that large-scale, high-quality public rental housing complexes should be built on land owned by the central and local governments, including in the three Gangnam districts." He added, "In contrast, Mayor Oh is pursuing policies that promote the redevelopment of luxury apartments in the three Gangnam districts." He emphasized, "Such policies inevitably drive up overall housing prices in Seoul."

This debate began as Chairman Cho and Mayor Oh exchanged views on Seoul's real estate policies. At the National Assembly Emergency Response Committee meeting on October 13, Chairman Cho criticized Mayor Oh's image as the "Mayor of Gangnam," saying, "Seoul's policy of easing regulations and revitalizing reconstruction centered on Gangnam could stimulate housing prices." At that time, he also pointed out, "Seoul citizens remember that Mayor Oh lifted the land transaction permit system, causing a surge in Gangnam housing prices."

On the same day, Mayor Oh responded via Facebook. He said, "How indifferent and ignorant must one be about Seoul's housing policy to make such a statement so easily?" He explained, "During the Moon Jae-in administration and under former Mayor Park Won-soon, reconstruction and redevelopment projects that were lifted or canceled resulted in about 280,000 homes in over 330 areas not being supplied to Seoul. The resulting 'supply cliff' is now reflected in current housing prices."

Mayor Oh further stated, "The perception that housing prices rise when the Democratic Party is in power has contributed to today's overheated market. Now, instead of dividing Gangnam and non-Gangnam, blaming others, or strengthening regulations, we must solve the problem through increased supply. This is the way to restore young people's right to dream of owning a home."