The former head of the ruling Democratic Party (DP) on Wednesday made a public apology in admission of the overall failure in the party's housing policy and a recent bombshell land speculation scandal involving public servants.

The so-called LH scandal was triggered earlier this month when two civic groups alleged that employees at the Korea Land and Housing Corp. (LH) bought plots of land in two cities -- Gwangmyeong and Siheung in Gyeonggi Province -- before the government announced a massive development plan there possibly based on insider knowledge.

The scandal has dealt political blows to both President Moon Jae-in and the DP amid the yearslong futile policy attempts by the DP and the government to curb skyrocketing housing prices, especially ahead of crucial mayoral by-elections in Seoul and Busan in April.

Rep. Lee Nak-yon, the former DP chief who is currently co-chairing the party's election committee for the upcoming April 7 by-elections, said he was "painfully aware of the rage and disappointment" felt by the public about the LH scandal.

"I'm also well aware that the public's rage isn't just due to the LH scandal. The young and common people have almost given up on trying to buy a home of their own from savings," Lee said at a press conference held at the National Assembly.

Lee, who served as the first prime minister under Moon, then stated he "apologizes with a sense of infinite responsibility" for inflicting "deep despair" on average citizens who have lived honestly and diligently.

The former DP chief promised to bring an end to the scandal by sternly punishing civil servants found to have purchased land for speculation and adopting measures to prevent any recurrence.

Lee's apology came at a time when DP candidates in the Seoul and Busan mayoral races were lagging far behind in public opinion polls against their rival from the main opposition People Power Party (PPP).

According to the survey conducted on 842 voters in Seoul on Sunday and Monday by Hangil Research, 60.1 percent of the respondents said they will vote for PPP candidate Oh Se-hoon in the April 7 Seoul mayoral by-election. Only 32.5 percent said they will opt for DP's Park Young-sun.

In a related Hangil poll of 811 voters in Busan, the second-largest city, 56.7 percent of the respondents said they will vote for the PPP's Park Hyung-jun, while 34.5 percent opted for ruling party candidate Kim Young-choon.

The polls, commissioned by Maeil Business Newspaper and MBN, have a 95 percent confidence level, with a margin of error of plus or minus 3.4 percentage points. (Yonhap)