The Democratic Party of Korea and the People Power Party (PPP) have unveiled sharply contrasting top pledges for the June 3 local elections, with the Democrats championing a "5 Poles, 3 Special Zones" plan to revitalize regional economies and the PPP targeting Seoul voters with a "homeownership" platform. The strategies reflect the Democrats' push to reclaim Daegu and Busan on the back of solid metropolitan support, and the PPP's bid to defend Seoul to secure leverage against the Lee Jae-myung administration.
The Democratic Party's policy pledge book, released on the 27th, runs to 300 pages and comprises "5 visions, 15 policy tasks, and 200 pledges." The opening page features region-led growth and balanced national development. The placement reflects the party's view that the outcome of the June 3 election hinges on regional strongholds such as Yeongnam and Gangwon. Party leaders including Secretary General Cho Seung-rae have said, "While the gap is narrowing in Seoul, we hold a clear advantage in the metropolitan area including Incheon and Gyeonggi," adding that "we must win as many battlegrounds as possible in Busan, Daegu, South Gyeongsang, and Ulsan."
As the top priority for region-led growth, the party pledged to "complete the 5 Poles, 3 Special Zones" framework in line with government policy. "We will pursue administrative integration and identify special exemptions to complete the 5 Poles, 3 Special Zones," the Democratic Party said. "We will continue to push for special support that strengthens the autonomous authority and competitiveness of the three special self-governing provinces of Gangwon, Jeju, and North Jeolla."
To implement the framework, the party highlighted the designation of mega special zones to nurture core regional industries and stronger incentives to attract corporate investment. "In connection with the 5 Poles, 3 Special Zones, we will designate mega special zones centered on core strategic industries at the metropolitan level," the Democratic Party said. "Within these mega special zones, sweeping support including various regulatory exemptions and fiscal, financial, and tax measures will be pursued." The party is targeting passage of a Mega Special Zone Special Act within this year.
The Democrats also presented pledges on emerging industries such as artificial intelligence (AI) and "public success" through capital market reform. The party devoted a substantial portion of its capital market pledges to building on the KOSPI's breakthrough above 8,000, which it cited as an achievement of the Lee Jae-myung administration. The party said it would pursue measures to △resolve the low price-to-book ratio (PBR) problem at listed companies △restore confidence in KOSDAQ △introduce a Korean-style fair fund (Fair Compensation Fund). A fair fund is a system that allows investors harmed by illegal activities to receive swift and direct compensation without complicated procedures such as litigation.
The PPP, by contrast, placed real estate at the front of its pledge book. The party emphasized what it called the failure of real estate policy under the Lee Jae-myung administration, including a sharp rise in housing prices, in a bid to win over Seoul voters. As its first item, the PPP proposed a "half-price jeonse at 50%" pledge to address the surge in jeonse prices driven by tightening listings.
The PPP placed particular weight on redevelopment pledges aimed at the 472 reconstruction and redevelopment complexes in Seoul, where 400,000 households' votes are at stake. "We will expand housing supply through the revitalization of reconstruction and redevelopment," the PPP said, emphasizing the abolition of the reconstruction excess profit recovery system.
The PPP also pledged to temporarily ease restrictions on the transfer of association membership rights in reconstruction, redevelopment, and speculation overheating zones, and to lower the consent rate required to establish a redevelopment association from the current 75% to around 70%. The party said it would apply a 70% loan-to-value (LTV) ratio to relocation cost loans and allow complexes with sufficient green space to substitute cash for green space contributions, boosting project viability. It also plans to raise floor area ratios for private reconstruction and redevelopment projects by 120% from current levels — a measure previously scuttled by Democratic Party opposition.
The PPP also threw its weight behind traditional conservative agendas such as tax cuts. The party voiced clear opposition to the Lee Jae-myung administration's signaled strengthening of property holding taxes. "We will ease the burden of holding taxes caused by surging housing prices," the PPP said. "We will raise the basic deduction amount for the comprehensive real estate tax and ease the tax burden cap from the current 150% to 120%." The party also envisions introducing inflation indexing for income tax to prevent steep increases.
The PPP regards Seoul as a strategic stronghold for checking the Lee Jae-myung administration. "Seoul is a region densely populated with moderate voters," a PPP official said. "We need to win in Seoul to gain the power to check the Lee Jae-myung administration." Oh Se-hoon, the PPP's candidate for Seoul mayor, also appealed in his candidacy declaration, "Please gather the strength to end the real estate hell. Send a warning against the runaway abuse of overwhelming power."
