[Comprehensive] "You Try Living on Monthly Rent First" Yoon Jun-byeong's Remark 'Monthly Rent Is Not a Bad Phenomenon' Sparks Controversy

Seoul City Administrative Deputy Mayor Former Yoon Jun-byeong, Democratic Party Lawmaker
Opposition Yoon Hee-sook's '5-Minute Speech' Rebuttal
"A World of Monthly Renters Is Coming Soon... That's How It Is in the U.S."
United Party: "Reminds Us of Marie Antoinette"

On the 1st, members of real estate-related organizations such as the 617 Regulation Retroactive Application Victims' Association and the Lease Business Association Approval Committee held a rally in Yeouido, Seoul, opposing the government's real estate regulations and shouting slogans against the Three Lease Laws.
[Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] Yoon Joon-byung, a member of the Democratic Party of Korea, stated that "the conversion of jeonse (long-term lease) to monthly rent is not a bad phenomenon," which has sparked strong reactions such as "You try living on monthly rent first" in online cafes where people opposing the 'June 17' and 'July 10' real estate policies gather.

The United Future Party immediately issued a critical statement, condemning Yoon's claim by saying, "They are packaging the failure of real estate policies without any measures, which have dried up the jeonse market, with a hastily made-up logic that plans the conversion to monthly rent."

On the morning of the 2nd at 11 a.m., a real estate-related online cafe posted a critical comment along with a news article link reporting Yoon's post on his Facebook the previous night (the 1st) titled "Is the conversion of jeonse to monthly rent a bad phenomenon?"

Cafe members voiced criticism such as, "Fine, let's all live on monthly rent," "Our tenants are currently paying low interest by taking out jeonse loans, but it will be tough if they have to pay monthly rent in the future. Is this really for the tenants' benefit?" and "Are we supposed to live on monthly rent all our lives just to cast votes?"

Other netizens also showed similar reactions, saying, "From monthly rent to jeonse and then to owning a home, this is an absurd statement." Summarizing their responses, most tenants prefer jeonse, which helps them save a large sum of money, and they criticize the ruling party lawmaker for distorting reality.

Earlier, on the 1st, Yoon posted on his Facebook, "The claim by a United Future Party lawmaker in a 5-minute speech that converting jeonse to monthly rent is a bad phenomenon and that extending the lease period from the existing 2 years by an additional 2 years will lead to such conversion is receiving praise on the internet," adding, "However, the conversion of jeonse to monthly rent is not a bad phenomenon."

Photo by Yoon Joon-byeong, captured from the Facebook page of the Democratic Party of Korea lawmaker

This statement was made to counter concerns that the Democratic Party's amendment to the Housing Lease Protection Act (the three lease laws) would accelerate the conversion of jeonse to monthly rent.

Yoon also said, "People who buy houses with bank loans are in the position of tenants paying monthly rent to the bank as interest on the loan," and "Those living under jeonse also pay monthly rent to the landlord equivalent to the interest on the jeonse deposit."

Regarding the current jeonse system, he said, "Although jeonse is a unique system operated in Korea, it is a system destined to naturally disappear as income levels rise. This is also true in advanced countries like the United States," adding, "A world where everyone lives on monthly rent is approaching, and it is not a bad phenomenon."

He reiterated, "People who buy houses with bank loans are in the position of tenants paying monthly rent to the bank as interest on the loan," and "Those living under jeonse also pay monthly rent to the landlord equivalent to the interest on the jeonse deposit." He continued, "Over time, individuals will lose in competition with institutions, so eventually, an era will come when all citizens pay monthly rent to institutions (banks)."

On the 1st, members of real estate-related organizations such as the 617 Regulation Retroactive Application Victims' Association and the Lease Business Association Approval Committee held a rally in Yeouido, Seoul, protesting the government's real estate regulations and shouting slogans against the Three Lease Laws. [Image source=Yonhap News]

In response, Hwang Kyu-hwan, deputy spokesperson of the United Future Party, criticized, "Seeing him talk about 'consciousness level' while he himself is a multi-homeowner reminds me of Marie Antoinette saying, 'If there is no bread, let them eat cake.'"

He added, "Among those who have no choice but to live on jeonse loans, how many ordinary people can afford monthly rent every month?" and criticized that they are packaging the failed real estate policy that ruined the jeonse market and prepared for the conversion to monthly rent as a logical explanation.

Meanwhile, Yoon, who served as Seoul City Planning and Coordination Office Director and First Deputy Mayor of Administration, is classified as part of the so-called 'Park Won-soon faction.' He was elected in the last general election representing Jeongeup-Gochang, Jeonbuk.

Yoon also stirred controversy by raising suspicions of a 'fake Me Too' related to the late Seoul Mayor Park Won-soon case.

On the 13th of last month, three days after Mayor Park's death, Yoon posted on his Facebook, "Having worked as the First Deputy Mayor of Administration in Seoul, I have seen the victim and know the structure of the mayor's office, so there were parts I could not understand."

He continued, "It is up to those left behind to deal with misunderstandings caused by symbolic manipulation of language such as bedroom and underwear." Yoon referred to Mayor Park as "a person with higher gender sensitivity than anyone else," and said, "He was a pure and proud person who probably felt sorry to those around him just by being accused, regardless of the truth of the accusations."

He especially said, "Perhaps he answered with death to prevent political controversies over the truth that would unfold later and secondary damage to victims during the controversy."

When criticism arose that he raised suspicions of a 'fake Me Too,' Yoon deleted the post and said, "I had no such intention at all," adding, "I only hope there will be no further secondary damage to the victim due to fake news and political attacks and controversies."