On Feb. 18, the last day of the Lunar New Year holiday, the People Power Party said, "The thing we heard most from the public was the real estate issue," adding that President Lee Jae-myung's regulations on multiple-home owners are deepening polarization.
Recently, the president signaled the end of the grace period for additional capital gains taxes on multiple-home owners and publicly raised fairness issues with tax and financial benefits such as chronic loan maturity extensions for multiple-home owners and the special long-term holding deduction for one nonresident dwelling. The idea is that only by withdrawing benefits for investment or speculative dwellings will the economic gains from owning multiple dwellings disappear, which could then lead to sales of dwellings. The opposition, however, is against it, saying supply should come first.
Floor leader Song Eon-seog of the People Power Party wrote on Facebook that day, "The surge in Seoul apartment prices stemmed from the Lee Jae-myung administration's failure on supply policy, and many said it is hard to accept the attitude of only blaming the opposition." He added, "There was strong anger among office workers in their 30s that the government's real estate policy focused solely on loan regulations, which favor only those with cash assets, makes it impossible to buy a home," and "the anger that it only deepens polarization was growing."
Song said, "The fundamental cause of the Moon Jae-in administration's '29 wins, 29 losses' failure in real estate policy was 'insufficient supply,'" adding, "If we do not resolve the chronic lack of supply, all remedies are useless. Yet the Lee Jae-myung administration is also seeking answers in regulations and taxes without measures for the supply shortage." He also said, "The Lee Jae-myung administration must not go down the path of 'Moon Jae-in administration season 2.'"
He also said the boom in domestic stocks is not translating into gains for individual investors. Song said, "The ruling party is singing praises of KOSPI 5000, but amid rapidly increasing stock market volatility, it is questionable whether retail investors are actually making profits," adding, "Even during the KOSPI surge late last year, 54.6% of retail investors suffered losses, and news came that the average loss per person reached 9.31 million won."
He also stated his position on internal party conflict. Song said, "We took to heart the requests and reproaches directed at the People Power Party," adding, "It was a stern demand to stop internal strife and unite as one ahead of the election. We will resolve conflicts politically and take to heart the request to practice big politics that puts the country first beyond individual gains and losses."