Jang Donghyuk: "Lee's Real Estate Policy Is Like Telling People Not to Buy Cars Because of Traffic Jams"

People Power Party Visits Yongin Housing Site for Discussion
Jang Donghyuk: "Balloon Effect Spreading Like Wildfire"

Jang Donghyuk, leader of the People Power Party, visited Suji District in Yongin City, Gyeonggi Province on November 7 and criticized the Lee Jaemyung administration's 10·15 real estate policy, stating, "The balloon effect is spreading like wildfire in key local areas such as the Seoul metropolitan area, Busan, and Daegu." This is interpreted as a counterattack focused on 'real estate,' which is considered a weak point for the government and the ruling party.

People Power Party leader Jang Donghyuk is speaking at the "Special Committee for Normalizing Real Estate Policy - On-site Meeting for Real Estate Measures in Gyeonggi Province," held on the 7th at an apartment complex in Suji District, Yongin City, Gyeonggi Province. Photo by Yonhap News Agency

At the "Special Committee for Normalizing Real Estate Policy On-site Meeting" held in Suji, Yongin on the morning of the same day, Jang remarked, "If I were to sum up the 10·15 real estate policy in one phrase, it would be a policy that tells people not to buy cars simply because traffic jams are blocking the roads."

He continued, "This is the same as restricting all vehicles from entering Seoul just because there are too many cars and traffic congestion occurs. In a recent survey on future housing prices, more than half of the public responded that housing prices, jeonse deposits, and monthly rents would all rise."

Jang criticized, "By imposing triple regulations on all of Seoul and 12 areas in Gyeonggi Province, and by tightening loans even further, the real estate market has been frozen. Both those who want to sell and those who want to buy a home are now trapped by regulations."

Jang also commented on the government's recent launch of the "Real Estate Supervision Task Force" under the Prime Minister as a follow-up measure to stabilize the housing market, saying, "The Lee Jaemyung administration's flawed perception is clearly revealed here, as it sees almost all real estate transactions as speculation and even regards genuine homebuyers as speculators."

He further stated, "Reconstruction and redevelopment projects in areas urgently needing more housing supply are also facing confusion," adding, "The cause of the overheating real estate market does not lie with citizens who work diligently to realize their dream of home ownership. It is due to structural policy problems such as insufficient housing supply and unreasonable tax systems."

He went on to say, "We will focus our efforts on easing regulations and establishing a rational and common-sense tax system to ensure smooth housing supply," and added, "We will restore the broken housing ladder for ordinary citizens, young people, and the public."

Before attending the meeting, Jang wrote in the guestbook, "Real estate comes before the field! Don’t trust the local site," emphasizing the primacy of real estate issues.