People Power Party leader Jang Dong-hyeok set up a venue where young people could criticize the government's Oct. 15 real estate measures. As negative public opinion of the Oct. 15 real estate measures grows, the intention was to secure the so-called "Jung Su-cheong (centrists, Seoul metropolitan area, young people)" public sentiment. The People Power Party said it plans to push bills that reflect the difficulties facing young people.
The People Power Party's Special Committee on Normalizing Real Estate Policy held a roundtable at the Seoul Youth Center Mapo in Mapo, Seoul, on the afternoon of the 28th under the theme "A future without housing worries begins with what young people think." Party leader Jang, Policy Committee Chair Kim Do-eup, Seoul Chapter Chair Bae Hyun-jin, and Rep. Park Soo-young attended.
Jang said, "Today (the 28th) I feel a deep sense of regret and apology. As one politician, I feel a heavy sense of responsibility for the anxiety and anger young people are experiencing," adding, "The government is demonizing the dream of owning a home and is ramming through, like a frenzy, a housing-collapse policy that severs the ladder of residential mobility."
He continued, "They themselves bequeath wealth by owning homes in Seoul's Gangnam worth tens of billions of won through methods they tell the public not to use, while driving out the very young people who work in Seoul and nurture their dreams to outside the city," adding, "The People Power Party will always stand with young people, think this through together, and do our utmost to craft the policies you want while fighting the hypocritical Lee Jae-myung administration."
At the roundtable, experts reviewed the state of the real estate market and heard young people's thoughts on the Oct. 15 real estate measures. Young people complained, "The government's real estate measures have instead distorted the market," and "All policy burdens have been shifted onto young people and ordinary people." Experts also argued that as purchase, jeonse, and monthly rent prices all rise, the new measures will wipe out jeonse listings and push up monthly rents.
Shim Gyo-eon, a professor in the Department of Real Estate at Konkuk University, said, "Both purchase and jeonse prices rose, centered on areas where many young people live, and the average monthly rent in Seoul hit a record high of 1.44 million won," adding, "Even before the effects of the Oct. 15 measures were reflected, jeonse listings had fallen 22% from the start of the year, and once the measures' effects are further reflected, it is hard even to gauge how great the shock will be."
The People Power Party is stepping up its offensive against the Oct. 15 measures through the activities of the special committee on normalizing real estate policy. On the 24th, the committee visited a redevelopment promotion zone in Nowon-gu, Seoul, with the Seoul Metropolitan Government and held an on-site meeting. At the time, leader Jang visited the site with Seoul Mayor Oh Se-hoon to discuss improvements to redevelopment projects.
The reason the People Power Party is focusing on real estate issues is seen as expanding its reach among centrists. In particular, because centrist voters in Seoul—most crucial in next year's local elections—are highly sensitive to the real estate market, the party plans to keep pointing out real estate policy, a weakness of the Democratic Party administration. The People Power Party plans to file a constitutional petition against the government's real estate measures or introduce counter-legislation.
After the roundtable, Jang met with reporters and said, "Experts told us we need a constitutional petition or bills to block the Lee Jae-myung government's misguided policies," adding, "All of it is persuasive, and we will go back and actively review it within the party."
Jang also again took a head-on approach to criticism from the Democratic Party of Korea that he owns four apartments. Jang said, "I explained fully that my mother lives in my hometown dwelling and my mother-in-law lives in an apartment in Jinju, South Gyeongsang Province," adding, "The criticism itself is so far-fetched, and I am embarrassed at whether it is appropriate for the presidential office to issue a flippant commentary."