United Future Party Launches Fierce Attack on Real Estate... Proposes 'Dismissal of Kim Hyun-mi' and Yeo-yeon Holds 'Emergency Meeting'

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The United Future Party has launched an intensive offensive against the Moon Jae-in administration's real estate policies. On the 7th, Floor Leader Joo Ho-young announced that he would propose the dismissal of Kim Hyun-mi, the Minister of Land, Infrastructure and Transport, who oversees the government's real estate policies. The Yeouido Research Institute, the party's "think tank," will hold an emergency meeting on real estate measures in the afternoon with the party leadership in attendance.

Floor Leader Joo appeared on CBS Radio's "Kim Hyun-jung's News Show" that morning and said, "Everything has been judged a failure, so we should not keep someone who says 'things are going well,'" adding, "I will propose the dismissal of Minister Kim." He was referring to Minister Kim's response on May 30th at the National Assembly Budget and Accounts Committee plenary session, where she said, in response to independent lawmaker Lee Yong-ho's questioning about the failure of the June 17 real estate policy, "So far, the policies are all working comprehensively." This marks a step further than the previous stance of merely "considering a dismissal proposal."

Regarding the Moon administration's real estate policies, Floor Leader Joo sharply criticized, saying, "The goals, methods, and timing were all wrong, and during the three years of this administration, real estate prices have risen by 52%," adding, "Now they say they will raise the comprehensive real estate tax again and increase transaction taxes, but if you own property, you should be encouraged to sell it, yet raising transaction taxes to prevent sales is a contradictory policy." He further stated, "This administration has already raised the comprehensive real estate tax once and increased the tax base within three years, but since it hasn't been effective, raising the tax again is completely inconsistent policy, and Minister Kim should be replaced quickly."

Meanwhile, the Yeouido Research Institute, newly headed by former lawmaker Ji Sang-wook, will hold an emergency meeting diagnosing real estate policies jointly with the United Future Party Policy Committee in the National Assembly main building this afternoon. The meeting will point out the government's real estate measures so far and comprehensively diagnose the problems of the government's real estate policies with experts from various fields and citizens. This is the first meeting since Director Ji was newly appointed on May 30th.

The meeting will see full participation from the party leadership, including Emergency Committee Chairman Kim Jong-in, Floor Leader Joo, and Policy Committee Chairman Lee Jong-bae. Additionally, opinions will be presented by Professor Kwon Dae-jung of Myongji University's Department of Real Estate, Senior Research Fellow Doo Sung-kyu of the Construction Industry Research Institute, Director Ko Jong-wan of the Korea Asset Management Research Institute, former Ministry of Land, Infrastructure and Transport Housing and Land Office Director Son Tae-rak, and citizen Han Seung-ho.

Meanwhile, some United Future Party lawmakers have also argued that owners of two homes should sell one. On the same day, Won Hee-ryong, Governor of Jeju and a presidential candidate from the United Future Party, appeared on MBC Radio's "Kim Jong-bae's Focus" and said, "This is not just a party issue; if the party holds public power and regulates and intervenes in the private sphere of the majority of citizens, the hands must be clean," adding, "I will officially request the party leadership to adopt a real estate blind trust system as the party's official stance."