People Power Party Criticizes Real Estate Policy as "Only for the Cash-Rich"... Also Slams Presidential Office for "Shirking Responsibility"

"Loan Cap of 600 Million Won Out of Touch with Average Home Prices in Seoul"
"Presidential Office's Response Is Out-of-Body Rhetoric"
Financial Services Commission Reduces Mortgage Limits, Tightens Actual Residence Requirements

The People Power Party has strongly criticized the government's real estate loan regulations, calling them "policies that only the cash-rich can buy homes under." The party also took aim at the presidential office for drawing a clear line by stating it "has not issued a position" on the policy, describing this as "an out-of-body rhetoric that shirks policy responsibility."

Choi Sujin, floor spokesperson for the People Power Party, stated in a commentary on the 28th, "Presidential spokesperson Kang Yoo Jung saying, 'This is merely a measure from the Financial Services Commission, not a policy of the presidential office,' is a textbook example of passing the buck." She further pointed out, "If this is not a policy of the Lee Jae Myung administration, then whose policy is it?"

President Lee Jae Myung is shaking hands with Kwon Sung Dong and other members of the People Power Party after delivering the policy speech at the National Assembly plenary session on the 26th. Photo by the National Assembly Press Photographers Group

Spokesperson Park Minyoung also criticized, "With the average home price in Seoul exceeding 1.3 billion won, limiting the loan cap to less than 600 million won means that, in reality, one would need at least 700 million won in cash to buy a home." He emphasized, "This is a condition that ordinary young people cannot possibly meet." He called for a shift in policy direction, stating, "The government is crushing people's hopes of home ownership as soon as it comes to power."

Earlier, starting today, the government has fully implemented the "Emergency Household Debt Management Strengthening Plan." The core of the plan is to reduce the mortgage loan cap to less than 600 million won and to tighten the requirements for actual residence. Financial authorities have explained that, as signs of overheating have recently appeared in certain areas such as the three Gangnam districts and Mapo-gu, they intend to stabilize the market through strong loan regulations.