"Concerns Rise Over a 'Moon Jaein Real Estate Season 2'"
The People Power Party called for a complete reconsideration on June 29, criticizing the government's recently announced real estate measures, including lending restrictions, by saying, "It's like throwing a grenade into a crowd of genuine homebuyers just to catch a handful of speculators."
Park Seonghun, floor spokesman for the People Power Party, stated in a commentary on the same day, "The Lee Jaemyung administration's ultra-strict lending regulations have kicked away the dreams of homeownership and the 'housing ladder' for ordinary citizens, newlyweds, and young people."
Park especially pointed out, "With the average price of a standard apartment in Seoul now exceeding 1.4 billion won, if mortgage loans are capped at 600 million won, the rest must be paid in cash." He added, "Unless you are part of the privileged class or a cash-rich individual who can stack up billions of won in cash from book publication events or family occasions, ordinary citizens under the Lee Jaemyung administration will not even have a chance to own a home." This was a critique aimed at the controversy surrounding the wealth accumulation of Kim Minseok, the government's nominee for the first Prime Minister.
Park further criticized, "In the name of curbing 'panic buying' among homebuyers, these regulations have stripped real buyers of their options and shifted all the burden onto ordinary citizens." He added, "The Lee Jaemyung administration's real estate policy is regressive and is a reverse-discrimination policy against ordinary citizens and those in their 20s and 30s."
He said, "The public fears a 'Moon Jaein Real Estate Season 2,'" and demanded, "Now that trust in the very first real estate policy has already been shaken, the government and ruling party should not hide or evade responsibility, but instead provide a clear explanation to the public." He also emphasized, "If this administration is truly responsible, it should first come up with effective measures that enable ordinary citizens to own homes right now, and sincerely apologize for the confusion caused in the market."
Kim Kihyun, a People Power Party lawmaker, wrote on Facebook, "Treating the people as mere subjects for policy experiments and repeating incompetent, makeshift real estate policies 28 times, leading to skyrocketing housing prices and shattering the homeownership dreams of ordinary people and youth?this is d?j? vu from the previous Democratic Party administration."
He also said, "The presidential office is now drawing a line, claiming that these unprecedentedly strong lending restrictions are 'not the presidential office's measure,' and even boldly stating that the president was not briefed, creating further confusion." He asserted, "This is a shameless deception of the public, a double play to evade responsibility for the side effects."
Joo Jinwoo, another People Power Party lawmaker, also criticized on Facebook, "The sudden lending restrictions were hastily implemented in just one day, causing chaos," and added, "The idea of controlling real estate prices through lending restrictions is a carbon copy of the Moon Jaein administration." Joo urged, "If the government does not carefully monitor market liquidity and housing supply while crafting measures, it will repeat the failures of the previous Moon Jaein administration's real estate policies. Suspend the implementation over the weekend and conduct a full review."
Joo also targeted Cho Hyun, the nominee for Minister of Foreign Affairs, stating, "(Cho's) son, while staying in the United States in 2019, used 300 to 400 million won of his own money, received a 1 billion won gift, and made a profit of over 1.5 billion won in six years through 'gap investment' involving a jeonse deposit." He added, "Why are only ordinary people being punished?"
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