Future United Party: "Moon Administration's Another Patchwork Real Estate Policy... Regulations Can't Stop Housing Prices"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The United Future Party criticized the government's February 20 real estate measures as a "patchwork real estate policy" and emphasized that regulations cannot stop the rise in housing prices.

Park Yong-chan, spokesperson for the United Future Party, stated in a commentary on the 20th, "The incompetent Moon administration is trampling on the dreams of ordinary people to own a home with not only a patchwork election law but also a patchwork real estate policy."

On the same day, the government announced real estate measures aimed at curbing the balloon effect in the Gyeonggi-do region by adding Suwon, Anyang, and Uiwang to the adjusted target areas and lowering the loan-to-value ratio for mortgage loans in these areas from 60% to 50%.

In response, Spokesperson Park criticized the government policy, saying, "When the December 16 measures were announced last year, the balloon effect was already anticipated," and "It is common knowledge that policies targeting specific areas inevitably cause a balloon effect in surrounding areas."

He added, "The government has raised housing prices across Seoul while trying to curb prices in Gangnam, and increased prices in the metropolitan area while trying to control Seoul's housing prices. This government's incompetence is evident in trying to stop a problem with a hoe when a small hand shovel would have sufficed," and criticized, "They seem intent on devastating not only the metropolitan area but the entire Republic of Korea with patchwork measures."

Spokesperson Park urged, "Please wake up from the vain dream that housing prices can be controlled through all sorts of regulations," emphasizing, "The only practical and fundamental solutions are the United Future Party's general election pledges: supplying quality housing by easing redevelopment and reconstruction regulations, improving home purchase conditions for ordinary people by relaxing mortgage loan standards, and preventing the rise in official property prices by abolishing the price ceiling system for pre-sale prices."