"Forcing the Public to Sell While Key Officials Hold Out" Na Kyung-won Criticizes Real Estate Policy

President Lee Shows Determination to Stabilize Housing Prices via Social Media
Na Kyung-won: "Core Members of the Administration Are Holding Out in the 'Gangnam Belt'"
"Senior Officials Should Sell All Properties Except Their Primary Residence"

As President Lee Jae-myung continues to express strong determination regarding housing price stabilization, Na Kyung-won, a member of the People Power Party, has sharply criticized him, calling it "politics that forces sacrifice on the people."

Na Kyung-won, a member of the People Power Party, criticized President Lee Jae-myung's remarks on housing price stabilization measures as "politics that forces sacrifice on the people." Photo by The Asia Business Daily

On February 1, through her social media, Assemblywoman Na stated, "President Lee said that 'stabilizing housing prices is easier than restoring valleys,' but when criticized, he responded by referring to kindergarteners and saying, 'people who don't understand the context of language.' It's outrageous." She continued, "Is the administration forcing people to sell their homes at a loss, while the core members of the government are just holding on? Look at those around the president. One out of three Blue House secretaries owns multiple homes. While threatening the public with a 'last chance' and imposing heavy taxes, they themselves are firmly holding on to properties in the 'Gangnam Belt' and the 'Seohak Ant Belt.'"

She further criticized, "While the National Pension Fund, which is the public's retirement plan, increases its domestic investment ratio and boosts the index to lure individual investors, they themselves are investing in overseas stocks. They criticize and regulate American companies operating in Korea, yet they are holding on tightly to American stocks. It's astonishing hypocrisy." She added, "With a gangster-like mindset that seeks to bulldoze the market as if clearing a valley, only innocent people will end up suffering."

She said, "If the president's policies are truly based on conviction, then the high-ranking officials around him should, starting today, dispose of all properties except for their primary residences and quickly sell their overseas stocks, increasing their investment in domestic stocks." She went on, "It is truly wrong for them to grow their own assets through various investments while forcing sacrifice only on the people. The government should ease lending regulations, lift the land transaction permit system in areas like Nowon, Dobong, and Gangbuk, expand supply, and increase financial support to give people some breathing room." She also pointed out, "The more the government tightens the market, the more existing asset holders will see their wealth solidify, and struggling people will lose out on opportunities."

President Lee Jae-myung. Photo by Yonhap News

On January 31, President Lee introduced an article on social media titled "Have Homeowners Surrendered? Seoul Apartment Prices Hit the Brakes," writing, "Does it seem impossible to normalize the 'ruinous real estate' market? If you trust the people and endure criticism without calculating votes, it can be done."

President Lee, recalling his time as governor of Gyeonggi Province when he led the crackdown on illegal facilities in valleys and streams, said, "We completed the restoration of valleys by normalizing illegal valleys," and "We normalized the stock market, which was rife with illegality and corruption, and ushered in the era of the KOSPI 5000." He emphasized, "Normalizing real estate is much easier and more important than achieving KOSPI 5000 or restoring valleys," and urged, "Seize the opportunity while you can."

On February 1, targeting the People Power Party, which had criticized him, he said, "When I summarized my remarks by saying that stabilizing housing prices is easier than restoring valleys or achieving KOSPI 5000, there are some who, like kindergarteners learning to speak, fail to understand the meaning properly." He continued, "Do you think normalizing the abnormal or curbing real estate speculation will fail? Normalizing the real estate market is like completing valley restoration, and normalizing the stock market, once plagued by illegality and corruption, is like ushering in the KOSPI 5000 era. Does it seem impossible to normalize the ruinous real estate market? Normalizing real estate is much easier and more important than achieving KOSPI 5000 or restoring valleys."

In response, Jang Dong-hyuk, a representative of the People Power Party, pointed out, "Last month, President Lee said, 'I am heavily criticized because of housing prices in Seoul and the metropolitan area, but there is no solution.' Now he says, 'Normalizing real estate is much easier than achieving KOSPI 5000 or restoring valleys. Does it seem impossible?' This is inconsistent."