Is it an expansion of public rents, customized housing for young people, or a specialized supply of small and medium-sized dwellings? Ahead of the 21st presidential election, the real estate pledges presented by the main candidates from both parties share the principle of 'expanding supply' but show clear differences in implementation.
Democratic Party of Korea candidate Lee Jae-myung emphasized expanding 'high-quality public rentals,' while People Power Party candidate Kim Moon-soo proposed a '3·3·3 housing supply' policy aimed at young people. Reform Party candidate Lee Jun-seok prominently advocated for 'expanding the supply of 59㎡-type dwellings' and tax reductions.
Summarizing the pledges from each candidate on the 15th, all three candidates agree on the need for expanded supply to alleviate housing instability, but they differentiate in methods, subjects, and targets.
◇ Lee Jae-myung: 'Housing ladder led by the public'… parallel urban renewal
Democratic Party of Korea candidate Lee Jae-myung put forth 'supplying high-quality public rental dwellings' and 'expanding the proportion of public rentals' as key pledges. This goes beyond simply securing quantities, aiming to raise the quality of public dwellings. He set the policy focus on 'restoring the housing ladder led by the public' and prominently emphasized housing stability for the lower-income population, young people, and newlywed couples.
Policies to reduce the burden of rents and lease payments will also be undertaken. Candidate Lee proposed a society 'without worries about rental fraud' and promised to improve the existing guarantee system that shifts responsibility onto tenants and to expand the tax credit for monthly rents. In particular, the strengthening of protection systems for victims of rental fraud and the expansion of the range of rental tax credits are evaluated as pledges directly targeting vulnerable income groups.
Measures for expanded supply include tailored development centered on the metropolitan area, the creation of 4th generation smart new towns, and the renewal of aging planned cities. This includes not only the first-generation new towns (Bundang, Ilsan, Sanbon, Jungdong, and Pyeongchon) but also Suwon, Yongin, Ansan, Incheon Yeonsu, and Guwol. Candidate Lee stated, 'We will supply dwellings suitable for young people and newlyweds in areas with convenient transportation' and expressed intentions to promote revitalization of reconstruction and redevelopment through increasing the floor area ratio and easing shared payments.
However, there is a cautious stance on issues related to deregulation centered on the private sector. A specific position on whether to abolish the excess profit recovery system for reconstruction has not been presented, and the existing stance of 'not trying to touch' real estate tax policies such as the comprehensive real estate tax or capital gains tax is maintained. The previously suggested land holding tax pledge was effectively retracted, citing a lack of feasibility.
Jin Sung-jun, head of the central election committee's policy team, stated, 'The key is to increase public rental dwellings and activate redevelopment and reconstruction,' emphasizing that 'the focus is on expanding supply centered on actual users rather than taxing multiple homeowners.'
◇ Kim Moon-soo: 'Support for three years for each marriage and childbirth'… direct support for housing costs for young people
Candidate Kim Moon-soo introduced a housing policy that combines private-led supply expansion and direct support for young people. Unlike candidate Lee Jae-myung, who emphasized expanding public rentals, candidate Kim is targeting young, newlywed, and child-rearing generations through a 'demand-centered' approach.
The representative pledge is '3·3·3 youth housing.' It promises to support housing costs for a total of 9 years: three years upon marriage, three years at the birth of the first child, and three years at the birth of the second child, while supplying linked dwellings to qualifying young people at a rate of 100,000 units per year. This policy stems from the recognition that housing costs are a major factor hindering youth marriage and childbirth.
Candidate Kim also promised to 'supply 200,000 units of dwellings for young, newlywed, and parenting couples annually.' The supply method is centered on the private sector rather than public. He aims to expand supply infrastructure through easing reconstruction regulations and simplifying approval processes, enhancing incentives for private sector participation.
Relevant tax policies will also be revised. Candidate Kim proposed the abolition of the excess profit recovery system for reconstruction, the reorganization of the comprehensive real estate tax, elimination of the capital gains tax, and exemption of acquisition taxes for dwellings outside the metropolitan area, presenting a comprehensive approach to reduce tax burdens. This intends to normalize previous systems that have restricted transactions for multiple homeowners or demanders.
Detailed housing support pledges targeting young people and single-person households were also included. Key examples include the establishment of 'half-price monthly rent zones' in college areas, expansion of supply of small apartments and officetels, and the introduction of co-housing. The stance is to experiment with various housing forms beyond the existing framework of public rentals.
Candidate Kim's overall stance on real estate policy maintains the supply policy centered on private activation promoted by the Yoon Seok-yeol government, while layering political messaging towards support for youth housing. There is a difference in emphasis here regarding flexibility in supply methods and autonomy in the housing market compared to Lee Jae-myung's public-centered model.
◇ Lee Jun-seok: 'Housing life plan to transition from small to large sizes'
Reform Party candidate Lee Jun-seok pledged to create a housing ecosystem that allows for flexible transitions according to life cycles. The core of this is a structure that links phased supply of small and medium-sized apartments with tax incentives.
Candidate Lee announced plans to support early settlers, especially young people and two-person households, through concentrated supply of apartments with a usable area of 59㎡ (approximately 25 pyeong), and to introduce a 'lifetime tailored tax reduction structure' when moving to larger dwellings due to childbirth or other reasons. This is interpreted as reflecting the policy design of 'not starting with a large house but rather a housing ladder that grows over time.'
Regarding the elderly population, he stated the intention to create a 'market environment conducive to selling homes.' An expansion of long-term holding special deductions, which reduce capital gains tax burdens when selling long-held dwellings, is representative. This strategy aims to simultaneously induce asset mobilization and support eviction for the elderly.
Overall promises show a clear direction toward inducing consumer choice in the market through tax adjustments and provision of incentives, rather than focusing on public rentals or finances. While there is some continuity with existing government policies, such as easing regulations on redevelopment projects and high-density urban development, the focus is more on enhancing housing mobility that allows for natural transitions from 'small to medium to large.'
Candidate Lee Jun-seok's pledges are evaluated as aiming for differentiation in that, while sharing a similar stance of expanding supply like other candidates calling for housing policies centered on actual users, they combined life planning and tax incentives.
◇ 'Consensus on the supply principle... specifics and balance remain homework'
Experts positively assessed that all three candidates share a degree of agreement on the direction of expanding supply, but pointed out that there is still a lingering disappointment in the specificity and practicality of their pledges.
Go Jun-seok, head professor at Yonsei University's Sangnam Business School, noted, 'Whether public or private, the very principle of increasing supply is the correct direction for stabilizing the housing market,' while adding, 'For pledges to not remain just pledges, they need to be supported by execution roadmaps such as tax benefits or specific plans for locations and quantities.' He further commented, 'Looking at the precedent where a promise like the previous government's pledge of '1 million units supply' was ultimately not realized in the market, conveying messages about where and how much to build is more important than simple figures.'
Lee Eun-hyung, a research fellow at the Korea Construction Policy Institute, stated, 'There is a clear trend in this election's pledges not to overly politicize real estate,' calling it 'a desirable flow.' He explained, 'Considering that policies that prominently featured real estate in previous administrations led to policy failures, focusing on fundamental directions like this is closer to the original role of election pledges.'
However, this research fellow commented, 'While the candidates share a common direction of saying 'we will build more homes' and 'we will activate redevelopment projects,' specific numerical supply targets or timelines are, in fact, lacking this time,' analyzing that 'this reflects a learning effect from previous elections where presenting unrealistic figures lost policy credibility.'