"Setting the Standard for Ordinary People at 1.5 Billion Won
Leads to These Policies"
Kim Jaeseop, a member of the People Power Party, sarcastically responded to Bok Kiwang of the Democratic Party of Korea, who stated, "There is a perception that apartments priced around 1.5 billion won are for ordinary people." Kim remarked, "By the Democratic Party's standards, am I considered an untouchable since I can't afford to buy a home?"
On October 23, through his Facebook page, Assemblyman Kim said, "Calling a 1.5 billion won apartment an ordinary person's apartment-under the Lee Jaemyung administration, even becoming an ordinary person, let alone middle class, has become difficult."
Kim, whose constituency is Dobong-gap in Seoul, currently lives in a jeonse rental in Dobong-gu. He pointed out, "The average apartment price in Dobong-gu is just over 500 million won," and argued, "According to the Democratic Party's standards, a resident of Dobong-gu would need at least an additional 1 billion won to be considered 'ordinary.'"
He continued, "Even having a home is fortunate; for most young people and ordinary citizens, buying a 500 million won apartment without a loan is as difficult as picking a star from the sky. People are already frustrated that they can't buy a home, and now the Democratic Party is rubbing salt in the wound."
Kim further stated, "The Lee Jaemyung administration and the Democratic Party claim they haven't reduced loans for real homebuyers, but in reality, policy loans are only available to a limited group, such as young people, newlyweds, and families with multiple children. Many more young people and ordinary citizens do not meet the eligibility criteria and have no choice but to rely on general loans." He added, "With this latest real estate martial law, the Democratic Party has completely shut off access to general loans."
He went on, "After all, these policies were designed by 'real estate celestial beings' who own tens of billions of won worth of apartments in Gangnam through gap investments of several billion won, so it makes sense that you would need at least a 1.5 billion won apartment to be considered ordinary. This reveals the true nature of the Democratic Party's constant talk about 'ordinary people.'" He criticized, "Setting the standard for ordinary people at 1.5 billion won is why such disastrous real estate policies are being created."
Earlier, Bok Kiwang of the Democratic Party of Korea defended the government's policies during an interview on YTN Radio's "Kim Youngsoo's The Interview," responding to criticism that the October 15 real estate measures amounted to "kicking away the ladder." During the interview, Bok stated, "Isn't there a perception that apartments priced around 1.5 billion won are for ordinary people? That's why policies regarding 1.5 billion won apartments, young people, and newlyweds were left untouched."
He continued, "Nevertheless, I want to say that criticisms such as 'the housing ladder has disappeared for these people' are baseless attacks. Homes priced above that are not so much a housing ladder as they are part of the process of expanding and accumulating personal wealth."
Once Bok's remarks became public, criticism from the opposition quickly followed. Kim Mi-ae, a member of the People Power Party, wrote on social media, "How could you say something so provocative to the public? Is a 1.5 billion won apartment really for ordinary people?" Joo Isaac, a senior member of the Reform Party, also pointed out, "This perception is completely out of touch with the reality faced by the public. I hope policymakers would at least try to understand the real housing situation of ordinary people."
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