New DP leader floats Mamdani's 'affordability' agenda

The new leader of the ruling Democratic Party of Korea is pushing "affordability" atop the party's agenda, following his election to the post on Monday.

On Tuesday, Democratic Party Chair Rep. Kim Min-seok introduced his agenda, comparing his policy to that of New York Mayor Zohran Mamdani.

Ensuring affordability in people's daily lives has "recently become a hot topic in New York," Kim said Tuesday, as he received President Lee Jae Myung's chief of staff Kang Hoon-sik, senior presidential secretary for political affairs Hong Ihk-pyo and presidential secretary for political affairs Jung Eul-ho.

Kim also said Mamdani's affordability agenda is the "US equivalent" to Lee's signature policy to tackle the rising costs of living, in his congratulatory ceremony.

Details about how the four-term lawmaker of the ruling party would make the country affordable have yet to be unveiled, but Kim's proposal brings attention to a debate within the ruling bloc on ways to address the housing crisis through taxation alongside construction.

On Friday, Kim wrote on social media that he welcomed the Lee administration's plans for housing supply, but called for more caution on the taxation scheme targeting those who own only one house. That comes in response to the Lee administration's plans to accelerate a push for housing supply in Greater Seoul, which includes Incheon and Gyeonggi Province, while imposing lending curbs and a heavier tax burden meant to curb speculative house purchases.

"Regarding the recently announced real estate tax code revision, I believe discussions on refining the details are necessary, while agreeing with the overall direction," Kim wrote.

"Since there are now a considerable number of middle-class people having one home and not living there, we must particularly bear in mind how changes in taxes for them could trigger chain reactions for the tenants of such homeowners," Kim added.

Kim's proposal stands in contrast to Democratic Party senior Supreme Council member Rep. Choi Min-hee's suggestion that government legislation concerning the tax code change "needs to be swiftly processed" in the National Assembly with only minor changes, hailing it as "Lee's signature reform" to improve people's living standards.

Choi is one of three lawmakers seen as supportive of former Democratic Party Chair Rep. Jung Chung-rae to have secured a spot on the party's Supreme Council in Monday's national convention.

"Affordability" is one of the key pillars of Kim's policy drive, along with "broadening" and "competence," each highlighting the party's role in expanding its support base by embracing different ideologies and focusing on problem-solving.

Kim referred to the three major pillars as "ABC" in his acceptance speech to lead the party on Tuesday.

In March, former Welfare Minister Rhyu Si-min, who is seen as among the pro-Jung faction, likewise presented the "ABC theory." According to the theory, liberal party supporters were categorized into three groups, with one cohort sticking to the party's core values and the others being opportunistic, raising speculations that Rhyu was attempting to pit the current president's supporters against longtime party supporters more in line with former Presidents Kim Dae-jung, Roh Moo-hyun and Moon Jae-in.