People Power Party to New Minister of Land, Infrastructure and Transport Noh Hyung-wook: "Do Not Recklessly Issue Inadequate Policies"

Nominee for Minister of Land, Infrastructure and Transport, Noh Hyung-wook, is delivering an opening statement at the confirmation hearing held at the National Assembly on the 4th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Jun-yi] The People Power Party urged the newly appointed Minister of Land, Infrastructure and Transport, Noh Hyung-wook, who took office on the 14th, as well as the government and ruling party, to "focus on people's livelihoods even at this late stage" and called for solutions to the real estate issues.

Yoon Hee-seok, spokesperson for the People Power Party, stated in a commentary on the 16th, "According to the global statistics site Numbeo, South Korea's 'quality of life' index ranked 42nd out of 83 countries in 2021," adding, "Our quality of life, which was ranked 22nd out of 67 countries in 2017, has significantly deteriorated under the Moon Jae-in administration, primarily due to the skyrocketing housing prices caused by failed real estate policies."

He further explained, "The Price-to-Income Ratio (PIR) in Korea is 23.63," noting, "It has nearly doubled compared to 12.38 four years ago. Over the four years of the Moon Jae-in administration, the dream of 'owning a home' has become twice as distant."

He continued, "Young people, frustrated by the 'unprecedented employment shock' and wealth polarization, have long given up on owning a home," emphasizing, "Being responsible for national governance is such a difficult and daunting task."

Spokesperson Yoon urged the new Minister of Land, Infrastructure and Transport, "You must not recklessly push out poor policies driven by immature enthusiasm like previous ministers," and requested, "Please take substantial actions to restore trust in real estate policies and stabilize the housing market."

He also stressed to the government and ruling party, "They must abandon stubbornness and arrogance and focus on real estate and livelihood issues."