People Power Party Holds Debate on Real Estate Policies, Calls for Change

The People Power Party held a debate on July 24 aimed at normalizing the real estate market, stating, "We need to increase housing supply and revitalize redevelopment and reconstruction projects." This event was seen as a counter to President Lee Jae-myung's 'National Debate on Real Estate Policy' held the previous day.

Jang Dong-hyuk, the party's leader, remarked during the debate at the National Assembly, "It seems that President Lee has no intention of changing his real estate policies."

He criticized the government's national debate on real estate policy, saying, "It was exactly as expected; the president was surrounded by supporters cheering for the administration's policies, making it merely a platform for him to say what he wanted."

Jang continued, "While experts presented thoughtful opinions, they were dismissed as theoretically sound but practically unfeasible. Meanwhile, the president continued to list unrealistic real estate policies."

He pointed out, "The president's plan to significantly raise property taxes and abolish the long-term holding tax exemption effectively reveals a lack of supply measures. He also clearly indicated a desire to strengthen loan regulations, which he identified as a primary cause of skyrocketing housing prices."

Jang asserted, "This ultimately means going against the will of the people and market demands. If the administration has no intention of changing its policies, the only option left is to change the government."

Additionally, he criticized President Lee for selling his apartment under a mortgage, stating, "He was simply trying to avoid a tax burden. After deciding to raise taxes, he quickly sold his house to escape the tax hit. How is this different from insider trading in the stock market?"

Yoo Yi-dong, chair of the National Assembly's Land, Infrastructure and Transport Committee, stated, "Real estate should not be a means to realize ideological goals. While President Lee talks about normalizing the market, he continues to impose supply restrictions, increase tax burdens, and tighten loan regulations, effectively repeating the failures of the Moon Jae-in administration."

Regarding President Lee's apartment sale, he questioned, "How will the public perceive a president who acts as a private lender while citizens struggle to meet the government's loan regulations? If the president considered the buyer's circumstances, the government should also take into account the needs of young people desperate for home ownership and those without homes."

Representative Lee Jong-wook expressed frustration, saying, "No matter how reasonable our arguments are, the government does not listen and instead seeks to strengthen regulations. It seems futile to say the direction is wrong; it might be more beneficial to predict the consequences of continuing on this path and communicate that to the public."

Professor Shim Kyo-eon, who moderated the debate, noted, "The government's real estate discussion should include a diagnosis of the situation and an explanation of the effects of past policies, which were notably absent. Are we not moving towards a situation where the principles of tax law and freedom of residence are disregarded, leading to a tyranny of the majority?"