Kim Yoonduk Says He Doesn't Know About National Budget and LH Losses... Opposition Criticizes as "I Don't Know Minister"

Real Estate Policy Clash at National Assembly Economic Inquiry
Cho Eunhee: "Moon Jae-in Administration Season 2 of Real Estate Failure"

Regarding the government's September 7 real estate policy, which aims to supply 1.35 million housing units in the Seoul metropolitan area over five years, Assemblywoman Cho Eunhee of the People Power Party criticized Minister of Land, Infrastructure and Transport Kim Yoonduk, who repeatedly answered "I don't know," calling him the "I don't know Minister."

Kim Yoonduk, Minister of Land, Infrastructure and Transport, is responding to a question from Lee Eonju, a member of the Democratic Party, at the National Assembly plenary session held on the 17th for government questions in the economic sector. Photo by Yonhap News Agency

During the government-wide inquiry on economic issues held at the National Assembly that afternoon, Minister Kim responded "I don't know" to Assemblywoman Cho's questions about the chairperson of the Korea Land and Housing Corporation (LH) Reform Committee and losses related to LH rental housing.

Assemblywoman Cho pointed out that "Building 100,000 LH rental units results in a 10 trillion won deficit, and building 300,000 units leads to a 30 trillion won deficit, yet the government says it will inject fiscal resources," adding, "Minister Kim knows nothing. Because he is a politician, his answers are vague," she criticized.

She continued to press Minister Kim, saying, "You don't even know how much loss is incurred per rental unit, nor do you know about the mid- to long-term debt measures. Smiling is not the answer."

When Assemblywoman Cho asked, "You ambitiously announced plans to simultaneously break ground on three Bundang-level new towns every year for five years, but the public is worried this might just be false hope. Have you heard of the term 'Taekgari' (lot replacement) used by some?" Minister Kim again replied, "I'm not sure."

Assemblywoman Cho explained, "The Moon Jae-in administration promised 2 million units, the Yoon Suk-yeol administration 2.7 million, and the Democratic Party's pledge is 2.5 million. Since these are nationwide figures, the government arbitrarily halves them for the Seoul metropolitan area, essentially just swapping out the lots-hence, 'Taekgari.'"

When Minister Kim failed to answer a question about this year's national budget, Assemblywoman Cho raised her voice, saying, "The Prime Minister didn't know either, and now the Minister of Land, Infrastructure and Transport doesn't know. Why is the Lee Jaemyung administration like this?"

In response to Assemblywoman Cho's question, "Before announcing the real estate policy, did you meet with the mayors of Seoul and Gyeonggi Province, who hold the authority over metropolitan real estate policy?" Minister Kim replied, "I did not meet with them." Assemblywoman Cho retorted, "Leaving everything to working-level staff is why the Minister lacks detail."

Assemblywoman Cho further pressed Minister Kim, saying, "You didn't meet with the mayor of Seoul or the governor of Gyeonggi Province, and the supply numbers are just 'Taekgari.' How can such nonsense exist? Will you become the main culprit of 'Moon Jae-in administration season 2,' which lost power due to failed real estate policies?"