People Power Party Launches Real Estate Stabilization Task Force: "We Will Not Stand By Anti-Citizen Policies"

First Meeting of Real Estate Stabilization Task Force... Kwon Youngjin Appointed as Chair
"Lee Administration Turns a Blind Eye to Foreign Speculation... Discriminates Against Its Own Citizens"

The People Power Party targeted the 6·27 loan regulations recently announced by the Lee Jaemyung administration, stating on July 14, "The ladder of hope for ordinary citizens to own a home is collapsing," and declaring, "We will never stand by anti-citizen and anti-market real estate policies."

Song Unseok, Emergency Response Committee Chairman and Floor Leader of the People Power Party, criticized at the first meeting of the "Task Force for Real Estate Market Stabilization" held at the National Assembly that day, "Since the 6·27 loan regulations were announced by the Lee Jaemyung administration, the real estate market has fallen into serious turmoil." He added, "These measures deprive genuine buyers of the opportunity to own a home and result in anti-citizen outcomes where only those with substantial cash can purchase property."

Song Unseok, Emergency Response Committee Chairman and Floor Leader of the People Power Party (center), and participants shout "Fighting" at the appointment ceremony and first meeting of the Task Force for Real Estate Market Stabilization held at the National Assembly on July 14, 2025. Photo by Kim Hyunmin

Song further pointed out, "With the average apartment price in Seoul exceeding 1.3 billion won, limiting the loan cap to 600 million won is essentially telling genuine buyers not to even dream of owning a home."

Regarding the controversy over reverse discrimination against citizens compared to foreigners, he stated, "The government is standing by without any countermeasures." Song emphasized, "Due to the government's inaction, citizens are forced to give up on home ownership because of loan restrictions, while foreigners accumulate assets through cash purchases. This is the current reality," and strongly asserted, "The government has implemented policies that discriminate against its own citizens."

Kwon Youngjin, the TF chairperson, stressed a "two-track" strategy that separates solutions for real estate issues in the greater Seoul area and in the provinces. Kwon said, "While housing prices in the greater Seoul area are skyrocketing, the number of unsold homes in the provinces continues to rise. A two-track strategy is inevitable to address the structural polarization of the market."

Kwon also stated, "Strong loan regulations may temporarily calm the real estate market, but without fundamental measures, a repeat of the Moon Jaein administration's policies is inevitable. We must restore market order through groundbreaking supply measures that ensure trust in the market and policies that curb speculative demand."

He added, "To address the issue of unsold homes in the provinces, urgent and fundamental measures are needed to stimulate the housing market based on genuine demand, along with restructuring measures. We must pursue bold tax incentives and financial policies, even if only temporarily."

Furthermore, he said, "The TF will work with the Policy Committee to prepare effective legislation and institutional measures, such as introducing a prior approval system for foreign real estate purchases, specifying the principle of reciprocity in law, and strengthening residency and registration requirements for real estate purchases."

Kim Jungjae, Policy Committee Chair of the People Power Party, criticized the Democratic Party, saying, "They view the public's desire to own a home as presumptuous greed."

He continued, "While using demand suppression as a pretext to directly target genuine buyers such as young people, newlyweds, and the working class, they pursue extremely lenient policies toward foreigners, including Chinese nationals, who purchase real estate with cash. In short, this is reverse discrimination," he asserted.