Sim Sang-jung: "Moon Administration Announces 19th Real Estate Measure... Already Lost"

Sim Sang-jung, leader of the Justice Party, is announcing the general election pledges on the morning of the 15th at the National Assembly in Yeouido, Seoul. Photo by Yonhap News

[Asia Economy Reporter Heo Midam] Sim Sang-jung, leader of the Justice Party, criticized President Moon Jae-in's mention of a "high-intensity real estate measure" at the New Year's press conference, saying, "The fact that 18 measures have been announced so far and yet a 19th measure is being forecast means it has already lost."

On the 15th, Sim posted on her Facebook, "Yesterday (the 14th), President Moon declared, 'We will never lose the war against real estate speculation,'" adding, "There is growing concern that with the so-called 'pinpoint measures' and 'piecemeal measures,' the conventional approaches so far will lead to a hide-and-seek with speculative forces and ultimately result in defeat."

She continued, "The real estate issue must be based on the concept of public land ownership to produce a proper solution. The Justice Party will focus on policy-making that embodies the spirit of public land ownership through market-friendly methods such as strengthening property taxes."

Sim said, "There has never been a previous government that did not boast about waging a 'war against real estate.' However, all have failed," explaining, "This is because the government itself was part of the real estate speculation cartel and a political and institutional accomplice to speculative forces."

She added, "Even under the Moon administration, real estate prices soared. According to the Korea Real Estate Board, apartment prices in Seoul have risen more than 43% over the past two years," emphasizing, "Rather than perpetuating the old debate between price stabilization and supply expansion that amplifies the speculation cycle, a policy shift firmly centered on housing welfare must be made."

Photo by Sim Sang-jung Facebook capture

At the New Year's press conference held on the 14th, President Moon said, "The government's will to curb real estate speculation and stabilize the market is firm," adding, "In some areas, prices have risen so sharply that ordinary citizens find it hard to accept and feel alienated. I believe prices in these areas must be restored to their original levels," and announced high-intensity measures.