Choo Mi-ae: "The Inner Reality of Korea is a 'Real Estate Class Society'... Must Shift to Public Land Lease System"

[Image source=Yonhap News]

[Asia Economy Reporter Park Cheol-eung] Former Minister of Justice Chu Mi-ae pointed out that Korea is a "real estate class society" and advocated for a transition to a "public land lease system."

On the 21st, former Minister Chu posted on Facebook a message titled "'Towards a Korea without a 'real estate class society' and housing discrimination.'

She opened her post by saying, "I was happy to see Korea becoming a cultural powerhouse with consecutive wins at American film festivals for movies like 'Minari' and 'Parasite.' However, we should not only cheer for the birth of superstars like Song Kang-ho and Youn Yuh-jung but also not miss the messages contained within."

Former Minister Chu said, "In 'Parasite,' the young son of the wealthy family sniffs the moldy-smelling basement family and says, 'They all smell the same.' This shows that beneath the surface of Korea, ranked 10th among economic powers, lies a real estate class society."

As a solution, she proposed guaranteeing the "basic right to housing." She said, "Germany provides housing subsidies to vulnerable groups such as the elderly, supports the public with funds to supply social housing as rental housing, and offers financial support such as housing construction subsidies and owner-occupied housing subsidies to citizens without homes. Since Germany does this, it is not impossible for Korea to do the same."

She cited the public land lease system as a way to block speculation while supplying affordable and quality housing. Former Minister Chu argued, "Public development sites such as public land or land acquisition should not be sold to the private sector as land like now but should be converted to a public land lease system. If the land is owned by the state or local governments and only the buildings on the land are sold as leasehold housing, or if only public rental housing that leases both land and buildings is constructed, quality and affordable housing can be supplied."

Additionally, she proposed withdrawing privileges for individual rental business operators, expanding public rental projects, and establishing a Land and Housing Agency.