Refuting Claims of "Kicking Away the Housing Ladder"
"Housing Stability for Young People and the Homeless Is Our Top Priority"
Considering Transfer of Board of Audit and Inspection's Accounting Audit Authority to the National Assembly
Kim Byung-ki, the floor leader of the Democratic Party of Korea, asserted on October 16 regarding the government's October 15 real estate measures, "What we have done is block speculative demand, not close the door to genuine homebuyers."
At the National Assembly's audit countermeasure meeting held that day, Floor Leader Kim stated, "Recently, housing prices in Seoul and the metropolitan area have started to rise again. Instability in the real estate market shakes the lives of ordinary people and crushes the hopes of young people." He added, "I hope these measures will calm the overheated market and provide breathing room for genuine homebuyers and young people."
He also remarked, "Right after the announcement of the measures, the KOSPI reached an all-time high," and emphasized, "If the funds tied up in real estate are redirected into industrial investment, it could become a new engine for Korea's growth."
Kim Byung-ki, the floor leader of the Democratic Party of Korea, is speaking at the National Assembly's audit countermeasure meeting held on the 14th. 2025.10.14 Photo by Kim Hyun-min
He refuted some claims that the October 15 real estate measures have 'kicked away the housing ladder.' Floor Leader Kim said, "These measures are aimed at blocking speculative demand, not at closing the door to genuine homebuyers." He continued, "Is it right to encourage people to take out hundreds of millions or even billions of won in debt just to buy a house? I believe we should create a market where people can buy homes without debt." He further stated, "The Democratic Party will work together with the government to thoroughly prevent illegal speculative activities." He emphasized, "We will put the housing stability of the homeless and young people first," and pledged, "We will do our utmost to create a country where no one has to worry about housing and everyone can live with peace of mind."
Meanwhile, Floor Leader Kim also announced plans to reform the Board of Audit and Inspection, which was scheduled for a parliamentary audit that day. He said, "A bill to amend the Board of Audit and Inspection Act, which aims to prevent the political misuse of forensics and abuse of power, has been introduced in the National Assembly," adding, "If necessary, we will also pursue supplementary legislation." He went on to say, "We will consider transferring the Board of Audit and Inspection's accounting audit authority to the National Assembly," and declared, "We will no longer tolerate political audits or abuse of power that undermine democracy."
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