Chong Won-o, the Democratic Party of Korea candidate for Seoul mayor, held the first public meeting of his election committee and stated his position on revising the special long-term holding deduction. Chong said the rights of single-homeowners who actually live in their homes must be protected.

Democratic Party of Korea Seoul mayoral candidate Chong Won-o speaks at a campaign committee meeting at his election camp in a building in Jung District, Seoul, on the 28th./Courtesy of Yonhap News

On the 28th in the morning, at the campaign office set up in Jung District, Seoul, Chong held the first public meeting of the election committee and said, "We will show results on housing stability and housing supply," adding, "We will quickly increase necessary supply, but we will make sure to protect the rights of single-homeowners who actually live in their homes."

On the plan to reduce the special long-term holding deduction (Jangtekgong) for capital gains tax on real estate for single-homeowners who actually live in their homes, Chong said it "must be protected unconditionally," and said to People Power Party candidate Oh Se-hoon, "If you talk about abolishing (Jangtekgong), deliberately distort the facts, and stoke conflict with falsehoods, you will not be able to avoid the stern judgment of citizens."

Chong Won-o then criticized Oh Se-hoon, saying, "You are still trapped in the old frame of 2022," and, "In every election, you highlight tax issues to stoke anxiety and inflame real estate conflict."

Chong also said to Oh, "It is not right to hastily lift the land transaction permit system, reverse it in 35 days causing market confusion, and then shift the blame to the government."

A large number of Democratic Party lawmakers from Seoul also attended the campaign committee meeting that day. Lawmakers Ko Min-jung, Kwak Sang-eon, Kim Young-ho, Seo Young-kyo, Lee Hae-sik, Jin Sung-joon, and Chae Hyun-il lent their support. Lawmakers Kim Young-bae, Park Ju-min, and Jeon Hyun-hee, who were primary rivals in the Democratic Party, and former Military Human Rights Center Secretary-General Kim Hyeong-nam also joined as senior co-chairs of the election committee. In one voice, they criticized Oh and stressed the need to replace the Seoul mayor.

※ This article has been translated by AI. Share your feedback here.