Jang Donghyuk: "Lee Jaemyung-Jung Wonoh Duet Would Be the Climax of Real Estate Hell"

Jang Donghyuk, leader of the People Power Party, stated on May 11, "This local election will put an end to Lee Jaemyung's real estate hell," adding, "If by any chance a 'duet' between President Lee Jaemyung and Jeong Wonoh, the Democratic Party's candidate for Seoul mayor, is formed, that day will mark the climax of Seoul's real estate hell."

Jang Donghyuk, leader of the People Power Party, is speaking at the Supreme Council meeting held at the National Assembly on May 11, 2026. Photo by Kim Hyunmin

Attending the Supreme Council meeting held at the National Assembly that morning, Jang said, "With the reinstatement of the heavy capital gains tax on owners of multiple homes starting yesterday, over 2,000 apartment listings in Seoul disappeared over the weekend. Yet President Lee searched for a single phrase permitting gap investment among countless news articles and posted on social media late at night, calling it 'eokka' (a slang term meaning a forced criticism)."

Jang further criticized, "President Lee has no answers to the issues raised by the press, such as the freeze in property listings, the disappearance of jeonse (lump-sum lease) contracts, and the surge in monthly rents. Candidate Jeong is no different—no matter how many times you ask about the Lee Jaemyung administration's real estate tyranny, including the heavy capital gains tax on owners of multiple homes, property tax hikes, and the abolition of long-term holding tax deductions, he cannot answer. Lacking both arguments and competence, he avoids debates altogether."

Jang also said, "The Democratic Party seems to be making unfounded accusations, asking whether the People Power Party wants housing prices to rise. In reality, we are proposing proper real estate policies to lower housing prices. If you talk about outdated frames in front of young people who are delaying marriage because they can't find a house, you're bound to get called out. The People Power Party will protect the people's homes."

This content was produced with the assistance of AI translation services.