Criticism from Opposition Seoul Mayoral Candidates on Moon's Real Estate Solutions

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Seoul mayoral candidates have collectively criticized President Moon Jae-in, who announced plans to unveil a large-scale supply expansion policy before Lunar New Year as a real estate solution for the new year.

On the 18th, former People Power Party lawmaker Oh Shin-hwan said, "If you keep tying the hands and feet of the homeless like this and only increase supply, do you think ordinary people can suddenly win the lottery and buy a house?"

He added, "Currently, even mid-term loans for houses priced over 900 million won are blocked," and criticized, "Instead of trying to cover up with supply measures whose timing is uncertain, I hope a comprehensive real estate policy including a realistic easing of loan regulations will be presented."

Former lawmaker Oh said, "The greatest sin committed by the Moon Jae-in administration was indiscriminate regulation that turned people who could have bought their own homes by adding a little more loan money into sudden rental refugees," and pointed out, "Due to all kinds of regulations, only cash-rich people are receiving huge benefits, while the ordinary citizens and youth who should be protected are sitting still and suffering."

Former lawmaker Lee Hye-hoon also criticized, "It is a step forward to admit that supply shortage was the cause of the housing price surge, but there is no acknowledgment of the incompetence and stubbornness of the Moon Jae-in administration that caused the supply shortage," adding, "The future measures still insist on the wrong direction, so housing price stabilization is hopeless."

He said, "Regarding the cause of supply shortage, they said it was because population decreased but the number of households was expected to surge, as if such changes were unpredictable and not their incompetence," and criticized, "Absolutely not. Numerous scholars predicted it countless times, and even I pointed it out repeatedly."

Former lawmaker Lee said, "They talked about public development, transit-oriented development, and bold development of new sites, but the problem is that it is essentially public development," pointing out issues with both the public rental housing supply method and the general sale housing provision led by public institutions.

He emphasized, "Even now, they must correct their wrong perceptions and shift to a ‘real supply policy’ that can meet demand," adding, "They should not block redevelopment and reconstruction, which are private supply methods that provide houses where Seoul citizens want them."