Criticism of the October 15 Real Estate Measures
"Ruling Party Fights Against the Constitution and Economics"
Lee Junseok, Representative of the Reform New Party, warned the government to stop distorting the real estate market, stating that the real estate policy announced by the government that day was similar to that of former President Moon Jae-in.
On the 15th, Representative Lee wrote on his social networking service (SNS), "With its real estate policy, the Lee Jae-myung administration has declared itself to be Moon Jae-in Administration 2.0," adding, "A tax- and regulation-driven real estate policy is starting again."
The real estate measures announced by the government that day included the expansion of land transaction permit zones and stricter loan regulations for high-priced homes. The key difference from the previous measures was the inclusion of a tax reform plan. The government had previously refrained from introducing such measures due to concerns that they could increase the tax burden without stabilizing real estate prices. However, as real estate prices continued to rise, especially in the Han River Belt, despite recent strong loan regulations, there was a growing consensus that a warning signal needed to be sent to the market.
However, Representative Lee criticized the government and ruling party for not acknowledging the supply shortage and for distorting the market with every regulation they introduce through taxes and loan restrictions. He stated, "If you want to change the perception that 'homes are something to be traded up,' you need to increase supply in line with reality," and added, "If you are going to buy a home to live in for a lifetime, it should be new construction, and it is only natural to want a living space that matches your preferences."
He continued, "Is it speculation for young people living in older apartment complexes without underground parking lots, where parking spaces are designed for less than 1.1 cars per household, or in non-apartment-type housing, to want to move into new apartments?" He pointed out, "Wanting to move into a new apartment because you are tired of pushing your car every morning, getting minor scratches on your car two or three times a year without anyone saying a word, or being late to work because someone parallel parked and left the brakes on, is a perfectly rational desire."
He concluded, "The Democratic Party fights against the Constitution, the Democratic Party fights against economics, and the Democratic Party fights against people's basic desires. Why do you do politics this way?"
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