Jeon Hee-ryong, Governor of Jeju Province, is speaking at the "Official Land Price Related Meeting" held at Seoul City Hall on the afternoon of the 18th. / Photo by Moon Ho-nam munonam@
[Asia Economy Reporter Kim So-young] Won Hee-ryong, Governor of Jeju Province, criticized the Democratic Party of Korea's real estate measures related to the comprehensive real estate tax, saying, "The Democratic Party's real estate measures remind me of a 'Bongsunga Academy' (a futile or ineffective effort)."
On the 29th, in a post on his Facebook, Governor Won stated, "Since each speaker has a different stance, I don't know whose words are correct or what they actually plan to do," expressing his criticism.
He said, "The three candidates for party leader unanimously talk about maintaining the current comprehensive real estate tax, while the party's special committee says they will consider easing it," and questioned, "Did they say 'buy a house by borrowing money'? They criticized the Park Geun-hye administration so much, yet the candidate leading in party leader approval ratings advocates allowing an LTV (Loan-to-Value ratio) of up to 90%," raising doubts.
He continued, "Since each speaker has a different stance, I don't know whose words are correct or what they actually plan to do," and pointed out, "The cause of this confusion is the Democratic Party's internal 'vote calculation'."
He also criticized, "Since they only think about elections when designing real estate policies, there is no way proper policies will come out."
Governor Won further argued, "It is appropriate to ease the comprehensive real estate tax for single-homeowners or long-term residents on this occasion. Additionally, the comprehensive real estate tax issue for livelihood-type rental business operators with properties under 600 million won should also be reviewed together."
However, he said, "While I welcome the issue of raising the LTV ratio, suddenly raising it to 90%? Such a claim is absurd," and pointed out, "Since house prices have risen too much in a short period, suddenly raising the LTV ratio significantly is irresponsible and dangerous."
He also emphasized, "An essential part of real estate measures is youth policy," adding, "More radical government support is needed for young people trying to purchase their first home in life. We should no longer push young people only into rental apartments."
He stressed, "The government must step up and support young people so that they can dream of a life with their own home."
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