Park Jumin: "We Need to Send a Signal to Youth to Wait Before Buying a House Now"

Park Jumin, member of the Democratic Party of Korea. [Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] Park Jumin, a member of the Democratic Party of Korea, emphasized the need to reform real estate policies on the 15th, stating, "We must send a strong signal to young people that even if they do not buy a house now and wait, they will be able to purchase a home within the next few years."

In a post on his Facebook that day, Park said, "A major overhaul of real estate policies is necessary. If trust in supply is not gained, 'panic buying' and price increases will not stop. This is why truly groundbreaking supply measures are needed."

He added, "We must accurately recognize the current situation we face for reflection and remorse to have meaning," and noted, "Experts have pointed out that we have failed to competently resolve various issues citizens desire, thus not meeting public expectations. In particular, accumulated disappointment with real estate policies has been proven through various data. This is a task our party must strive to address going forward."

He continued, "The upcoming floor leader and party leader elections should serve as an opportunity to restore the party's broken leadership based on this evaluation," emphasizing, "Those in power must take responsibility and fulfill the heavy duty of presenting a vision to party members and citizens."

Park also stated, "We must not blame internal or external enemies without properly identifying the root causes of the problems," and added, "Experts have unanimously conveyed that citizens have not completely given up their expectations and hopes for our party."

In conclusion, he said, "Let us clearly see reality and move forward again," and "I will move forward together as well."

Seoul Mayor Oh Se-hoon is delivering a greeting at the opening ceremony of the Sinwol-Yeouido Underground Road held in Yeouido, Seoul, on the afternoon of the 15th.
[Image source=Yonhap News]

Additionally, Park posted again on Facebook urging Seoul Mayor Oh Sehoon to "reveal the 'know-how' behind stabilizing housing prices."

He said, "Right after his election, Mayor Oh mentioned in a meeting with the opposition party regarding real estate policies that he had 'know-how' in response to concerns that reconstruction and redevelopment might further raise Seoul housing prices. I am very curious about what that 'know-how' is."

He continued, "The market is already overheating. The rebound in Seoul apartment prices is evidence of that," and pointed out, "Prices are rising mainly in areas with reconstruction issues. If no measures are presented to control investment demand from redevelopment and reconstruction, and to absorb the demand for jeonse (long-term lease) and monthly rent as existing tenants move to surrounding areas, price increases are inevitable. This is clearly a 'Oh Sehoon-driven housing price increase.'"

In closing, he urged Mayor Oh, "Please do not just say you have 'know-how,' but clearly explain what specific measures you have," adding, "Only then can Seoul citizens feel reassured."