Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, visited the Gangnam three districts (Gangnam, Seocho, and Songpa) known for their weak support amidst a campaign in Seoul that has lasted two days. The Gangnam three districts are considered sensitive to real estate policies, so the candidate declared that he would not use taxes as a means to suppress housing demand. Instead, he aims to increase the supply of dwellings to manage prices.
At a campaign event held in front of the Seoul Express Bus Terminal in Seocho District on the afternoon of the 29th, the candidate said, “When the democratic regime has been in power, housing prices have risen,” and “I have decided to change my thinking. Instead of managing prices by suppressing demand through taxes, I will increase the supply to maintain appropriate prices.”
The Gangnam three districts are evaluated as weak support areas for the Democratic Party. In particular, the expansion of the comprehensive real estate tax during the Moon Jae-in administration impacted the 20th presidential election. The Democratic Party has been attentive to capturing the 'real estate vote' by passing a tax reform plan in February that expands the subjects eligible for postponement of the comprehensive real estate tax payment.
During the campaign, the candidate remarked, “Dear residents of Gangnam and Seocho who can afford to live,” and questioned, “Is it necessary to pressure you to lower prices just because they are rising and you want to buy and sell at high prices? Taxes are collected to secure national finances, and it is hard to justify using them as other punitive means.”
He added, “If there is someone willing to pay 10 billion won per pyeong, it’s not that I’m saying don’t buy; isn’t it enough to collect taxes according to the price?” and emphasized, “I will respect the market with a stable real estate policy and prevent the strange phenomenon of prices rising the more pressure is applied.
He emphasized the activation of not only the real estate market but also the stock market, reinforcing his image as an 'economic president.' Before his speech, he posed with a sign saying 'KOSPI 5000 era!' Throughout his address, he made efforts to create the impression that he excels over the People Power Party in economic, diplomatic, and security aspects, transcending ideologies, colors, and factions.
The candidate stated, “Whether it's blue or red, what does it matter? It is the job of politics to care for people's livelihoods and to enable a peaceful and safe life,” and added, “We should give another chance to the political group that does that well and hold accountable the irresponsible political group that failed to perform that role.”
He continued, “The core of the capitalist market economy is the financial market, especially the stock market. However, if you manipulate stock prices and are powerful, there are no consequences,” and questioned, “Is the Democratic Party, which is trying to amend the Commercial Act to prevent this, a market-oriented party, or is the People Power Party, which is attempting to prevent such actions, a market-oriented party?”