Posted on Facebook on the 27th
"One home to live in is enough"
Hong Joonpyo, former mayor of Daegu, made remarks in support of the Lee Jaemyung administration's real estate policy, stating, "If the money currently concentrated in real estate moves into the stock market, the KOSPI is bound to rise."
On February 27, Hong wrote on Facebook, "The myth of always-profitable real estate is fueling a frenzy in the housing market." He continued, "In Japan, the real estate bubble disappeared more than 20 years ago, and golf club memberships also plummeted, allowing the country to normalize. However, in our country, driven by the greed of vested interests, real estate continues to dictate the national economy, creating a distorted version of a developed country."
He also said, "Even the building rental business, often described as 'building owners are above God,' needs to be normalized. For housing, one home to live in is enough," adding, "Greed brings disaster."
Hong Joonpyo's comments are interpreted as an argument for restructuring the nation's asset portfolio away from a real estate-centered focus. This is a notable statement, as the conservative camp has been criticizing the Lee Jaemyung administration's real estate regulations.
Meanwhile, President Lee has been intensifying pressure on owners of multiple homes day after day.
On February 26, President Lee Jaemyung posted on X, stating, "We will use every policy tool available to create a situation in which not only owners of multiple homes but also single-home owners who hold properties for investment or speculation, rather than for actual residence, will find it more advantageous to sell than to keep them." He clarified that while homes for actual residence will be protected, speculative demand will be structurally blocked.
In particular, regarding the end of the temporary suspension of the heavy capital gains tax on multiple-home owners, he stressed, "We cannot allow those who held on to their multiple properties to be in a better position than those who sold during the grace period," making clear his intention to increase the holding burden.
Previously, on February 4, Hong Joonpyo argued, "Home ownership should be limited to one home per household." On February 5, he added, "I find it hard to understand the foolish mindset of conservatives who, while claiming to represent the right, end up defending multi-home owners and making life harder for ordinary people and young adults."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
