The Democratic Party criticized the People Power Party on May 10 for its aggressive stance following the reintroduction of higher capital gains taxes on multiple homeowners, questioning whether the opposition party wants housing prices to soar uncontrollably.
Jo Seung-rae, the party's secretary-general, stated during a press briefing at the National Assembly, "It seems that the People Power Party does not wish for housing price stability." He added, "It would be problematic if housing prices were to skyrocket or plummet," emphasizing that the party's fundamental position is that housing prices must stabilize.
Regarding concerns that the end of the capital gains tax exemption could impact elections in the Seoul metropolitan area, Jo remarked, "It is difficult to confirm any direct correlation at this point," explaining that elections involve a variety of issues that voters consider collectively.
In contrast, the People Power Party strongly criticized the implementation of the capital gains tax. Party leader Jang Dong-hyuk posted on Facebook, "With the start of the capital gains tax today, housing prices will rise further," adding that many are withdrawing properties from the market. He also criticized Lee Jae-myung, stating, "Lee insists on 'normalizing real estate' at all costs. The mindset that believes this is normal is abnormal."
Chief spokesperson Choi Bo-yun argued, "What is needed now is the repeal of punitive taxation that blocks escape routes, along with decisive action to fully lift regulations on reconstruction and redevelopment to allow quality housing to be supplied where the market demands it." He warned that the Lee Jae-myung administration must recognize the failures of past governments that tried to control the market through taxation.
* This article has been translated by AI.
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