Is the Abolishment of Long-Term Home Ownership Tax Breaks a Threat? Insights from Kim Geun-sik

Translation result Kim Geun-sik, a professor in the Department of Political Science and Diplomacy at Kyungnam University, has urged Jeong Won-o, the Democratic Party’s candidate for Seoul mayor, to clearly state his position on President Lee Jae-myung’s proposal to abolish the long-term ownership special deduction.

On April 30, Kim wrote on his Facebook page, “Do you support policies that demonize ordinary homeowners—treating people who own a single home for life as criminals?”

He went on, “Or are you withholding opposition because you want votes and are simply deferring to the president?”

Kim again pressed Jeong to clarify his stance on the long-term ownership special deduction and on Seoul’s housing policies during Park Won-soon’s administration.

He criticized Jeong’s glossy “steady development” pledge, arguing that Jeong should first apologize for the New Town projects halted under Park Won-soon and for that administration’s puzzling fixation on urban regeneration.

Kim accused Jeong of appearing to read from a script and of lacking a firm grasp of the issues, saying the candidate looks like a handpicked “star” who hopes to coast into the mayoralty on party support alone.

He added that Seoul residents know the Democratic Party’s housing DNA at both the national and municipal levels: policies that are hostile to homeowners, that treat prospective buyers with suspicion, that constrain and delay redevelopment and reconstruction, and that, when projects move forward, aim to deliver them exclusively through public channels.