[Interview] Kim Bu-gyeom "For the First Time in My Life, You Can Buy a House for 10%... Is This the Lee Nak-yeon I Know?"

[Asia Economy Reporter Park Cheol-eung] Former lawmaker Kim Bu-gyeom, who is challenging for the leadership of the Democratic Party of Korea, stated that for first-time homebuyers, extraordinary financial support should be provided so that they can purchase a house with only 10% of the house price. He said that if he becomes party leader, his first legislative proposal will be an amendment to launch the High-ranking Officials’ Crime Investigation Office (HCIO) within the year.

In a written interview with Asia Economy on the 3rd, former lawmaker Kim emphasized, "For those purchasing their first home in life, we must provide extraordinary financial support so that they can buy a house with only 10% of the house price."

He cited the example of the United Kingdom. The 'Help to Buy' system allows first-time homebuyers to pay only 5% of the house price, with the government or financial institutions providing 20-30% through a 25-year equity loan, and the remaining 75% through bank loans. This system was introduced after the homeownership rate peaked at 70% in 2004 and then dropped to 65% in 2018.

Kim also said, "To restore public trust in real estate policies, high-ranking officials and politicians must make efforts to dispose of multiple homes," adding, "In the mid to long term, to expand housing supply, we should consider high-density redevelopment of old urban areas by increasing floor area ratios." He continued, "Gyeonggi Province Governor Lee Jae-myung recently announced the supply of basic housing where anyone without a home can live for 30 years paying affordable rent. It is important to drastically expand the supply of such affordable public rental housing."

Regarding the delayed launch of the HCIO, he stated firmly, "The United Future Party seems to believe that if they hold out, they can block the launch of the HCIO. We can no longer wait." Kim said, "We will use a two-track strategy. First, I will have lawmakers who support the amendment to the HCIO Act propose the bill. Also, I will request the Speaker of the National Assembly to issue appointment letters to the five members recommended so far and start the first meeting in the form of a briefing session. Around mid-month, a second meeting will be scheduled to request the opposition party’s recommendations again. If they still do not recommend, it will be considered that they have forfeited their rights, allowing the Speaker to reassign the recommendation rights to another opposition party at his discretion, enabling the recommendation committee to operate."

He added, "With this process, the law amendment will be made during the regular National Assembly session in October, the recommendation committee will be formed in November, and the HCIO can be launched in December. The first bill that Party Leader Kim Bu-gyeom will push through will be the amendment to the HCIO Act. I will definitely ensure its launch within the year."

While emphasizing the need for cooperation with the United Future Party, he pointed out "clear limits." He said, "We do not have to accept everything and wait endlessly while they just obstruct and act stubbornly. Currently, the opposition party is sabotaging by not participating at all in negotiations for the original organization or the HCIO issue. During the confirmation hearings for Lee In-young and Park Ji-won, they still have not abandoned the habit of ideological screening and labeling as pro-North Korea. Cooperation is impossible under these circumstances," he criticized.

He also said he would pursue a merger with the Open Democratic Party. Former lawmaker Kim said, "The Democratic Party and the Open Democratic Party are 'two roofs, one family' wishing for the success of the Moon Jae-in administration. They share the philosophy and vision of the Moon Jae-in government as comrades. Naturally, integration is the right path," he mentioned.

Regarding balanced development, he emphasized not only completing the administrative capital but also fostering metropolitan economic zones and local universities. Former lawmaker Kim said, "The completion of the administrative capital should trigger and signal balanced development," adding, "We must create 'metropolitan mutual growth economic zones' by region such as Busan-Ulsan-Gyeongnam, Daegu-Gyeongbuk, Gwangju-Jeonnam, and Jeonbuk, making local areas as livable and job-rich as Seoul." He cited the example of Pittsburgh in the United States, which faced a crisis due to the decline of the steel industry, but partnered with Carnegie Mellon University and the University of Pittsburgh to strengthen investments in new industries such as artificial intelligence, robotics, computer science, and medical bio, and launched large-scale urban regeneration projects. Kim said, "To revive local cities suffering from manufacturing decline, it is important to create innovation growth momentum through cooperation between local universities and local governments."

Regarding his competitor, Democratic Party lawmaker Lee Nak-yeon, he said, "He is a very excellent presidential candidate with hardly any weaknesses," but added, "Since he has to resign before the by-elections, it is not a responsible attitude to lead the party." He expressed concern, saying, "There are 11.5 million voters in Seoul and Busan. There has never been such a large by-election. If things go wrong in the by-elections, it could open another gate of hell for the Democratic Party."

He then criticized, "It is problematic for a presidential candidate to take leadership first and then step down just before the presidential election. This does not seem like the Lee Nak-yeon I know. I think it is a choice with more disadvantages than advantages even as a strong presidential candidate."