The People Power Party will form an internal task force (TF) to respond to the real estate measures announced by the Lee Jae-myung administration on the 27th. The People Power Party believes that since this government's real estate measures are classified as extremely strong regulations, the anger of actual homebuyers has increased.
According to political circles on the 1st, the People Power Party is looking for a head of team to lead the real estate response TF. The TF is expected to consist mainly of members from the National Assembly's Land Infrastructure and Transport Committee and the National Policy Committee, both of which deal with real estate-related issues. The list will be announced by the end of this week.
The TF plans to focus on the loopholes in the lending regulations, which are at the core of this real estate policy, and the coordination process between the presidential office and ministries. This measure raised the maximum limit for housing mortgage loans in the metropolitan area and regulated regions to 600 million won, and the People Power Party criticizes that only 'cash-rich' individuals will benefit while actual homebuyers may suffer.
Regarding the real estate measures, the presidential office stated, 'I understand that this is a plan from the Financial Services Commission. It is not a plan from the presidential office,' drawing a line between itself and the measures. It indicates that strong regulations were established without coordination between the presidential office and ministries, which will be scrutinized by each committee.
Song Eon-seok, the floor leader of the People Power Party, stated regarding the government's real estate measures on the 29th of last month, 'I think there will be short-term effects,' but pointed out that it is 'a policy that gives despair to actual homebuyers while providing satisfaction to the cash-rich.' Similarly, Kim Eun-hye, the party's chief policy secretary, noted, 'What is concerning about the Lee Jae-myung administration's real estate measures is that it could give wings to cash-rich foreigners.'
The Democratic Party of Korea holds the position that an atmosphere where affordable homes can be purchased should be established concerning the government's real estate lending regulations. It also emphasized that foreigners are subject to the same restrictions when conducting home transactions in Korea based on reciprocity.
Jin Sung-jun, the policy committee chair of the Democratic Party, appeared on MBC Radio that day and asked, 'Is it a desirable policy to tell people who cannot afford to take on debt to buy a house with loans?' He added, 'The housing prices themselves must be manageable, and those buying dwellings must be able to handle the debts. It is the government's responsibility to create and implement policies that satisfy these two conditions.'