KOR- Seoul Mayoral By-Election Possible... Ruling Party Must Demonstrate Competence Now
- Agreeing on Regulating Ultra-High-Priced Housing, But Complementary Measures Needed for Real End-Users
- Seongbuk Also Sensitive to Real Estate Due to High Recent End-User Demand
- Party Reflects Public Sentiment... Seoul Chapter Will Play Its Role During Legislation
- Supply Measures? 2 Million Pyeong in Semi-Industrial Zones of Yeongdeungpo and Guro Possible
- 'All-In Measures' Needed... Mayor Oh Just Chants Reconstruction Like a Spell
- Yongsan Garden Used for Personal Politics... Not an Official Government Announcement
- Yongsan Garden Should Be Preserved as Seoul's Lungs Like Central Park
- Supply Has Been All 'Empty Talk'... Ministry of Land and Seoul City Must Now Join Forces
- Loan Regulations Need Adjustments to Prevent New Town PF Issues
- Concerns Over Overheated National Convention... Seoul Party Members Don't Vote Based on Incitement
■ Broadcast: SBS Kim Tae-hyun's Politics Show (FM 103.5MHz 7:00 – 9:00)
■ Date: August 11, 2026 (Tue)
■ Host: Attorney Kim Tae-hyun
■ Guest: Representative Kim Young-bae, Democratic Party of Korea
[Kim Tae-hyun]: Amid strong backlash over the government's real estate tax reform proposal, the ruling party leadership announced that it could revise and complement the details within this month. The government is expected to announce real estate supply measures as early as this week. We are connected by phone with Representative Kim Young-bae, who has thrown his hat in the ring for the Democratic Party's Seoul City Chapter chair, to discuss these matters. Hello, Representative.
[Kim Young-bae]: Hello, this is Kim Young-bae.
[Kim Tae-hyun]: Representative, since you ran unopposed, it is virtually certain that you will be elected chair of the Seoul City Chapter, right?
[Kim Young-bae]: Yes. The Seoul convention takes place on August 16, and I expect to be elected on that day.
[Kim Tae-hyun]: But while this coincides with the national convention, public sentiment regarding real estate is so negative that you must feel a heavy burden, Representative.
[Kim Young-bae]: To be honest, it would be a lie to say I feel no burden. In particular, we have lost all three of the recent Seoul mayoral elections.
[Kim Tae-hyun]: That's right.
[Kim Young-bae]: Moreover, with Mayor Oh Se-hoon involved in the Myung Tae-kyun gate, I feel a by-election could take place within a year, which presents a new challenge as well as a heavy responsibility. As they say, "the public will is the will of Heaven," and as we stand at an important juncture for the success of the Lee Jae-myung administration, I feel a great weight on my shoulders.
[Kim Tae-hyun]: There were analyses suggesting that the loss in the previous Seoul mayoral election was also due to real estate issues.
[Kim Young-bae]: Indeed, there are many such assessments.
[Kim Tae-hyun]: If things continue like this and a Seoul mayoral by-election is held—this is a hypothetical scenario, since only the first-instance ruling has been delivered—do you think the Democratic Party will have the upper hand?
[Kim Young-bae]: Not at all. In fact, while Mayor Oh Se-hoon's win in the last local elections was seen by some as a surprise victory, when you look closely at the presidential election that President Lee Jae-myung won, combining Lee Jae-myung plus Kwon Young-gook versus Kim Moon-soo plus Lee Jun-seok, we actually lost by 3% in Seoul.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: So Seoul is by no means an easy place. In particular, as Seoul becomes a global city, Seoul citizens are very discerning. They are extremely sensitive to economic conditions such as future vision, real estate, and the stock market. Therefore, the ruling party really needs to demonstrate to citizens that it is competent and capable. I believe we have entered a crucial phase, and I am pondering deeply to prepare a meticulous response.
[Kim Tae-hyun]: Ultimately, the real estate issue needs to be resolved. I heard that last week you led a real estate policy meeting attended by Democratic Party lawmakers representing the Seoul region.
[Kim Young-bae]: That is correct.
[Kim Tae-hyun]: What kind of discussions took place?
[Kim Young-bae]: While there was general agreement that tax normalization and channeling money into productive investments—such as the stock market or future industries like AI and mega-projects—rather than having funds locked up in real estate would be beneficial for revitalizing capital markets, concerns were raised regarding the actual living needs of single-home owners, emphasizing that stronger protections are needed for them. Furthermore, given that the rental market (jeonse and monthly lease) is a significant issue right now, quite a few raised concerns about reducing benefits for non-resident single-home owners.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: In addition, many voices, particularly among lawmakers representing the Han River belt districts, called for complementary measures focused on actual residents and end-users to actively address rental market issues.
[Kim Tae-hyun]: Representative, your constituency is Seongbuk A, right?
[Kim Young-bae]: Yes, that is correct.
[Kim Tae-hyun]: That area includes a New Town district. What are local residents saying about this tax reform proposal?
[Kim Young-bae]: In fact, surprising as it may sound, Seongbuk District recorded the highest rate of increase in both apartment prices and rental prices in Seoul over the past six months.
[Kim Tae-hyun]: Is that so?
[Kim Young-bae]: Yes. Demand from actual end-users is high, and because of its proximity to Jongno and easy access to downtown Seoul, Seongbuk District seems to be highly favored. Looking at this, actual end-users and residing owners are reacting very sensitively. While the government produced these results after long deliberation on tax normalization and rationalization, I believe the basic direction—strengthening tax measures on high-priced and ultra-high-priced housing while encouraging multiple-home owners to play a constructive role as landlords and put properties on the market—is correct.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: Nevertheless, I believe complementary measures providing targeted, pinpointed support for real end-users, such as working-class people, young adults in their 20s and 30s, and newlyweds, are absolutely necessary during the legislative process, and the Seoul City Chapter intends to play an active role in this.
[Kim Tae-hyun]: So, based on what you said, the direction of tightening regulations on ultra-high-priced housing or multiple-home owners is correct?
[Kim Young-bae]: Yes.
[Kim Tae-hyun]: Then the issue lies with non-resident single-home owners.
[Kim Young-bae]: Exactly. Looking at the Comprehensive Real Estate Holding Tax alone, while the tax threshold for other housing was raised to 1.4 billion won in declared value, for non-resident single-home owners, it was lowered to 900 million won. In other words, the policy aims to encourage owners to reside in their homes. While moving toward actual residence makes sense overall, aren't there many people who temporarily cannot reside in their homes due to taking care of elderly parents, child-rearing issues, or job locations? This is especially true for young people. From their perspective, a sudden tax change on non-resident single-home owners without advance notice can cause dissatisfaction. Therefore, we need to comprehensively take these circumstances into account.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: Since legislation needs to be completed by early December, we have about three months. We plan to actively collect citizens' opinions and hold discussions within the party to adjust areas that require modification through public debate. In the short term, the government proposal will be submitted to the National Assembly on September 1 along with the budget bill as budget-related bills. If necessary adjustments are made before submission, it will make discussions much smoother. I have been included as a representative of Seoul in the Housing Market Stabilization Task Force led by Chair Han Jeoung-ae. Meetings are expected tomorrow and the day after, where I plan to actively present these views.
[Kim Tae-hyun]: Representative, the party is naturally more sensitive to public sentiment than the government.
[Kim Young-bae]: That's right. Because we have to win elections, public sentiment is something the party must reflect.
[Kim Tae-hyun]: Given current public sentiment—such as among those in their 20s and 30s, and particularly renters in jeonse or monthly leases who are worried about market volatility—is there a possibility that the government proposal will be significantly revised to reflect these concerns?
[Kim Young-bae]: It might be premature to say "significantly," as discussions are just beginning. However, government and politics ultimately rest upon public sentiment. Even if the direction is right, there are various ways to get there. Therefore, I hold the stance that areas needing adjustment should be adjusted through close consultation between the party and the government.
[Kim Tae-hyun]: Are you also preparing measures for the rental market?
[Kim Young-bae]: Yes, we are.
[Kim Tae-hyun]: Because if non-resident single-home owners are affected adversely, there are concerns that rental properties could dry up in the market.
[Kim Young-bae]: Right. If actual residence is overemphasized, owners might decide not to offer jeonse or monthly rentals and instead occupy the homes themselves. Where would existing tenants go then? That could cause severe turmoil in the rental market and drive up prices, which is why we are preparing thorough countermeasures for that aspect.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: In particular, there are many concerns regarding loan regulations and financial support for end-users. The government is scheduled to announce related financial measures on Thursday, August 13. We will examine those carefully and make active complements if necessary.
[Kim Tae-hyun]: Regarding housing supply measures: ultimately, increasing supply is needed so prices drop based on market supply and demand. Supply measures expected from the government soon reportedly include lifting greenbelt restrictions and mobilizing all available public land.
[Kim Young-bae]: Yes.
[Kim Tae-hyun]: What is your perspective? Do you believe we should focus all efforts on increasing supply even if it means lifting greenbelt restrictions, or should greenbelts be preserved as green spaces?
[Kim Young-bae]: There can be controversies over whether to utilize greenbelts, Yongsan Children's Garden, or Taereung Golf Course. I believe these matters require sufficient discussion with citizens.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: However, for example, there are semi-industrial zones in Seoul. Of the roughly 6 million pyeong (approx. 19.8 square kilometers) of semi-industrial zones in Seoul, over 2 million pyeong are located in areas like Yeongdeungpo, Guro, and Geumcheon. Since large factories will no longer be built in Seoul, housing can be supplied if Seoul City actively plans for these areas. Yet Mayor Oh Se-hoon has shown no interest in this. Despite serving as mayor for the past five years during a total supply drought, he shows no reflection or solutions, merely chanting redevelopment and reconstruction like a spell. I believe there are measures to revitalize the private market through active consultation between the government and Seoul City, including semi-industrial zones and redevelopment/reconstruction areas.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: Therefore, now is the time to devise truly all-out measures combining public sector efforts with private market revitalization.
[Kim Tae-hyun]: So your point is to start with semi-industrial zones in Yeongdeungpo or Guro. As for Yongsan Park, both Mayor Oh Se-hoon and the opposition strongly oppose building housing there, and local residents also seem opposed. What are your thoughts on that?
[Kim Young-bae]: Personally, even before the government made an official announcement regarding Yongsan Children's Garden, Mayor Oh Se-hoon brought it up first and voiced opposition. I see this as Mayor Oh practicing personal politics rather than policy. A Seoul mayor should not act this way, and I advise him to approach this seriously.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: That said, if Yongsan is discussed, I personally think preserving Yongsan Park as Seoul's green lungs—like Central Park in New York—would be a very good thing.
[Kim Tae-hyun]: Both Mayor Oh Se-hoon and President Lee Jae-myung constantly emphasize supply. Why can't they reach an agreement?
[Kim Young-bae]: By nature, housing supply takes at least 5 years and often over 10 years even if planned now. As a result, people feel that empty words and political rhetoric have become routine. Nevertheless, seeing President Lee Jae-myung strongly reprimanding government officials, I think there is reason to be a bit more hopeful this time.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: When we received a briefing from the Ministry of Land, Infrastructure and Transport, I strongly reprimanded them as well. Now is the time for the Ministry and Seoul City to join forces. I urge Mayor Oh Se-hoon to establish a joint plan for the benefit of citizens.
[Kim Tae-hyun]: Representative, are you also considering easing regulations on reconstruction and redevelopment?
[Kim Young-bae]: Regulatory easing for redevelopment and reconstruction has already been passed through legislation led by the Democratic Party, and it is set to take effect soon. Measures were put in place to significantly shorten timelines and combine lengthy processes like environmental and traffic impact assessments. I believe these measures should be actively implemented.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: Furthermore, I believe financial support needs to be strengthened.
[Kim Tae-hyun]: You mean adjusting loan regulations?
[Kim Young-bae]: Correct. Loan policies need some adjustments. Construction companies are hesitating due to project financing (PF) difficulties in the third-phase new towns. I understand government measures are reviewing these aspects, and I will monitor how they unfold.
[Kim Tae-hyun]: Last week, Representative Hwang Hee sparked controversy by proposing 'bus housing,' and yesterday Kim Sang-ho, head of the Blue House Press Center (Chunchugwan), offered to resign over earning rental income from an illegally expanded multi-family building he owns.
[Kim Young-bae]: Yes.
[Kim Tae-hyun]: Do you agree that such incidents contribute to worsening public sentiment on real estate?
[Kim Young-bae]: Yes. Mistakes and incidents involving leaders of the ruling party and government have a major impact on worsening public sentiment. Therefore, we in the party must exercise self-restraint and humbly respect the public will now more than ever.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: From President Lee Jae-myung to every member of our party, winning the hearts of the public is what politics is ultimately about. This is a time to reflect on that once again.
[Kim Tae-hyun]: Finally, let me ask a question about internal party affairs. With the national convention remaining in the Honam and capital regions, Representative Park Jie-won expressed concern that the race is going beyond overheating into division, warning that the party could face trouble. What are your views on this?
[Kim Young-bae]: As a party member, I share that concern. Is this a situation where people should be pouring curses upon one another? Especially when President Lee Jae-myung has the next two years until the general elections to focus entirely on governance, I am worried. Party leaders need to exercise self-restraint, and I believe the candidate who puts the nation first will ultimately be elected.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: Party members in Seoul are discerning.
[Kim Tae-hyun]: Right.
[Kim Young-bae]: One should not take party members lightly. They don't just vote for someone because of incitement. I wanted to emphasize that. Although the Seoul City Chapter chair election was challenging, the reason I ran unopposed was that lawmakers, local chapter chairs, and party members in Seoul underwent a reflective process, agreeing that we shouldn't engage in such behavior and remembering that politics must serve the public will.
[Kim Tae-hyun]: Yes.
[Kim Young-bae]: In that regard, representing Seoul, I would like to offer both a warning and an appeal to the candidates running for party leadership.
[Kim Tae-hyun]: Understood. We will end here today. Thank you, Representative Kim Young-bae of the Democratic Party of Korea.
[Kim Young-bae]: Thank you.
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