"Trusted the Moon Jae-in Government... Became Suddenly Destitute" A 20s Young Man's Blue House Petition

Petition content from a young person in their late 20s posted on the Cheong Wa Dae National Petition Board. Photo by Cheong Wa Dae National Petition Board

[Asia Economy Reporter Seoyoung Kwon] A petition to the Blue House by a young person in their 20s, who criticized the current government's real estate policies and expressed their suffering, has drawn attention.

Mr. A, who posted a petition titled "President Moon Jae-in, I contemplate extreme choices several times a day," introduced himself as a young person in their 20s. He appealed, "These days, I am going through painful days due to an uncertain future," and "I live each day with anxiety for the 'own home' that I do not know when I will achieve."

Mr. A mentioned that "the Moon Jae-in administration, which came to power under the banner of the Candlelight Government, was expected to be different this time," and pointed out that the current government "boasted about stabilizing real estate from the early days of its administration, vowed to cut off long-standing evils, and promised comprehensive reforms."

However, he criticized, "The public's trust in the Moon Jae-in government shattered into pieces in a short time." Mr. A added that his family, who postponed the so-called 'own home purchase,' suddenly became 'lightning poor,' and "suffered from real estate depression commonly called 'real estate blue,'" and that "the painful days have continued from 2019 until now."

Furthermore, Mr. A acknowledged that "low interest rates and liquidity due to COVID-19 have contributed to driving up housing prices. However, the rate of housing price increase in South Korea exceeds the OECD average increase caused by COVID-19, which can only be explained as a failure of real estate policy."

He stated, "Do not criticize the 2030s investing in Bitcoin, the 2030s delaying marriage and living alone, or the 2030s not having children." This phenomenon is pointed out as the desperate struggle of young people trying to escape an uncertain future and as one of the various problems caused by South Korea's real estate.

Mr. A continued, "Please promptly legislate the abolition of 'tax benefits for housing rental business operators' and the 'Conflict of Interest Prevention Act' so that South Korean youth can live with hope," and appealed, "Please create a world where fairness and justice take root in South Korea."