"Will They Sell Their Homes by May 9?"... Lee Junseok Publicly Criticizes Government and Ruling Party

"25 Out of 165 Democratic Lawmakers Own Multiple Properties"
Policymakers Must List Their Homes to Signal the Market Peak

Lee Junseok, Representative of the Reform New Party. Photo by Hyunmin Kim

Lee Junseok, leader of the Reform New Party, stated that for the market to trust the government's policies, government and ruling party officials must sell their properties by May 9, when the temporary suspension of the capital gains tax surcharge for multiple homeowners ends.

On the 2nd, Lee shared on his social media that President Lee Jaemyung has recently been speaking candidly about real estate. He cited remarks such as, "Do not try to unfairly outmaneuver the government by talking about sudden misfortune," "You will soon realize this was your last chance," and "I will not overlook the media and speculative forces that support destructive real estate speculation." Lee pointed out, "Although the President's rhetoric has intensified, the market remains watchful. What the market is waiting for is not words, but action."

He continued, "According to data from the Citizens' Coalition for Economic Justice, among the 165 Democratic Party lawmakers, 25 own multiple properties. Twenty lawmakers own homes in the four Gangnam districts, and of these, 11 do not reside in them but rent them out." He emphasized, "What these individuals choose to do by May 9 will determine the credibility of real estate policy."

He added, "High-ranking public officials are insiders with an informational advantage. The moment the policymakers put their homes on the market, it is akin to hanging a banner that says 'this is the peak.' If these insiders do not sell their properties by May 9, the market will believe that even the policymakers themselves do not trust the effectiveness of these policies. Why should the public follow regulations that the architects themselves do not abide by?"

Lee also referenced a situation during the Moon Jaein administration. He said, "In 2019, when Chief of Staff Noh Youngmin advised multiple homeowners in the capital area to sell, the then Senior Presidential Secretary for Civil Affairs expressed an intention to resign rather than sell his apartment in Gangnam. At the time, people said, 'He chose his house over his position.' This was a moment that showed the value of Gangnam real estate outweighed the honor of public office. I hope that President Lee Jaemyung will demonstrate unwavering resolve so that such incidents do not recur under his administration."

In conclusion, Lee stated, "May 9 is the day the temporary suspension of the capital gains tax surcharge ends. At the same time, it will be the day the market evaluates the sincerity of the Lee Jaemyung administration's real estate policy. If, on the morning of May 10, a significant number of high-ranking officials and ruling party lawmakers have participated in selling their properties, the market will begin to trust the policy. Conversely, if there is no change in their asset status, the market will not trust the President's warning."