"Stable Real Estate Policies"
"KOSPI 5000 Era!"
Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, stated on the 29th, "If housing prices rise, I will not suppress demand through taxes to control prices, but instead will increase supply to maintain reasonable prices."
Lee Jae Myung, the presidential candidate of the Democratic Party of Korea, is campaigning at the express bus terminal plaza in Seocho-gu, Seoul on the 29th. Photo by Kim Hyun Min
During his campaign rally at the Seoul Express Bus Terminal plaza in Seocho-gu, Seoul, on the afternoon of the same day, Lee said, "I will respect the market with stable real estate policies," making these remarks.
Lee pointed out, "When the Democratic administration has been in power so far, housing prices have increased," and added, "Even if there is a gap with other regions, is it really necessary to forcefully pressure people to buy and sell at higher prices, making it difficult to lower prices? Taxes are meant to secure national finances, and if they are used as another means of regulation, it is difficult to justify them."
Lee also targeted Seoul Mayor Oh Se Hoon for reversing the decision to lift the land transaction permit system (Toheje) in March this year, saying, "There is no need to make the market unstable by flip-flopping on policies, and it should not be done," and added, "We must respect the market with stable real estate policies. If we try to suppress the market excessively, it only leads to even higher prices, and I will make sure not to cause such strange phenomena."
Lee emphasized not only real estate but also the revitalization of the stock market. Immediately after taking the stage for his speech that day, he held up a placard reading "KOSPI 5000 Era!" for a photo.
Lee said, "The core of a capitalist market economy is the financial market, especially the stock market," and continued, "But if you are powerful, you are not punished even for stock price manipulation. Preventing such things is what amending the Commercial Act is about. So, is the Democratic Party, which is trying to do this, the real market-oriented party, or is it the People Power Party, which is blocking it?" He strongly criticized the People Power Party.
He went on to say, "Just the fact that the Democratic Party is in power will drive the stock market to 3,000 points. Whenever a democratic administration has been in office, stock prices have risen. That is why people say, 'The economy is the Democratic Party.'"
He also argued, "For the Korean stock market to thrive, people need to secure alternative investment options. If some of the investments that are concentrated in real estate are redirected to the stock market, it can help prevent excessive overheating in the real estate sector."
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