People Power Party to Form Real Estate Policy Response TF... "Like Throwing a Grenade at Ordinary Citizens"

The People Power Party is moving to form a task force (TF) to respond to the real estate policies of the Lee Jaemyung administration.

According to political sources on June 30, the People Power Party is considering establishing a TF to address real estate loan regulations. The TF plans to closely examine loopholes in the loan regulations, which are a key component of the government's measures.

On June 27, the government announced a set of stringent real estate measures, including capping the maximum mortgage loan amount for properties in the Seoul metropolitan area at 600 million won. Although these measures aim to stabilize the overheated real estate market, concerns are mounting that genuine homebuyers will be disadvantaged while wealthy cash holders will benefit.

Floor Leader Song Eonseok stated in a media interview the previous day that, "I think the government's real estate measures may be effective in the short term," but also pointed out, "These policies bring despair to genuine homebuyers and satisfaction to wealthy cash holders."

Floor Spokesperson Park Sunghoon also criticized in a commentary, "With the average price of a standard apartment in Seoul exceeding 1.4 billion won, limiting mortgage loans to a maximum of 600 million won is essentially telling people to make up the rest in cash," adding, "In the name of cracking down on a tiny minority of speculators, the government is effectively throwing a grenade into a crowd of genuine homebuyers."