President Lee Jae-myung Declares Crackdown on Real Estate Speculation

President Lee Jae-myung Declares Crackdown on Real Estate Speculation Ahead of Elections

With just two days left until the 21st presidential election, President Lee Jae-myung strongly expressed his determination to eradicate illegal real estate speculation and tax evasion, aiming to capture voter sentiment. Through his social media accounts, the President stated, "We must escape the nation-destroying republic of unearned real estate income," emphasizing, "Illegal real estate speculation and tax evasion must end now." This statement is interpreted as a response to recent media reports indicating that a significant portion of tips received by the National Tax Service's Real Estate Tax Evasion Reporting Center originated from the Seoul metropolitan area. The fact that 8 out of 10 reports came from Seoul, Gyeonggi, and Incheon once again highlighted the chronic problems plaguing the real estate market. The tax evasion reporting center, established last November, operates by identifying various forms of tax evasion, such as fraudulent gifting, nominee ownership, and sham contracts, and offers rewards to informants who provide crucial leads. President Lee's remarks are seen as a strategy to continue his administration's 10-month effort to stabilize the real estate market while consolidating public opinion around the clear message of eradicating speculation as the election approaches.

Busan Becomes Fierce Battleground with Former Presidents Mobilized

In Busan, considered the biggest battleground for the June 3rd local elections, a fierce campaign war between the ruling and opposition parties unfolded. On June 1st, two days before election day, both parties, along with former and current presidents, mobilized for rallies in Busan to rally their supporters. The Democratic Party views this election as a prime opportunity to reclaim Busan, while the People Power Party is staking its fate on retaining the city, a key area within the "Nakdong River Belt." Democratic Party's Busan mayoral candidate Jeon Jae-soo and People Power Party candidate Park Hyung-joon engaged in relentless campaigning, covering more than six districts over the weekend. The aerial exchanges between party leaders, as well as visits from former presidents, underscore how this election has escalated beyond a mere local contest into a confrontation between political factions. Former President Lee Myung-bak visited a rally in Busan to appeal for support for Park Hyung-joon, and former President Park Geun-hye also embarked on an extensive campaign tour to galvanize conservative voters. These movements are assessed as increasing the influence of political parties and forces over election outcomes, rather than the candidates' individual capabilities.

Oh Se-hoon Criticizes 'Lee Jae-myung Government,' Opposition Strengthens 'Get Out the Vote' Message

People Power Party Seoul mayoral candidate Oh Se-hoon is attempting to rally his base by strongly criticizing the Lee Jae-myung administration's governance. On June 1st, two days before the June 3rd local elections, he argued that "President Lee Jae-myung is engaging in divisive tactics by categorizing the public into 'us' and 'them,'" and that "they must be humbled through voting." This is interpreted as a rebuttal to President Lee's call for voter turnout to prevent "the worst of the worst from ruling." Oh's criticism is a strategy aimed at channeling public dissatisfaction with the Lee Jae-myung administration's policies and political conduct to boost his own approval ratings. In contrast, President Lee Jae-myung and the Democratic Party are continuously issuing messages encouraging voter participation. President Lee, in particular, is emphasizing "real estate normalization" and warning against illegal speculators, while simultaneously countering opposition attacks with slogans such as "Judging the forces of rebellion and supporting the Lee Jae-myung government." The People Power Party has labeled President Lee's remarks as "divisive tactics," intensifying the verbal sparring, which is expected to become even more heated until the final days of the election.

Campaigning for Kim Boo-kyum in TK Region Amidst Conservative Consolidation; Democratic Party Faces Dilemmas

Meanwhile, election strategies tailored to regional characteristics are being employed in the local elections. Democratic Party lawmakers in the TK (Daegu-Gyeongbuk) region are appealing for support for candidate Kim Boo-kyum, using the message "Are we not kin? It's time to move on," tapping into regional sentiment. This is interpreted as an attempt to emphasize new political alliances beyond past regional affiliations. Although President Lee Jae-myung's past "mocking and hateful" remarks regarding the online community 'Ilbe' became controversial, a movement to reinterpret these comments positively for the current election is also being observed. Nevertheless, analyses suggest a strong trend of conservative consolidation, particularly in Busan and Gyeongnam. This indicates that the People Power Party's strategy of mobilizing conservative voters by prominently featuring former presidents is proving effective. The Democratic Party is closely monitoring the public mood, linking the surge in early voter turnout in the Honam region with the conservative consolidation in other areas, and is reportedly grappling with how to translate conflicting public sentiments—the backlash against nominations and the consolidation of the ruling party's base—into actual votes.