People Power Party Chairperson Jang Dong-hyeok said on the 25th, "This administration is demonizing people who have the modest dream of owning a home," adding, "We in the People Power Party will work harder to cherish their precious dream as if it were our own and to make that dream come true."
The People Power Party special committee for normalizing real estate policy held an on-site roundtable that afternoon at Haenuri Town in Mok-dong, Seoul. At the roundtable, Chairperson Jang and others, including Policy Committee Chairperson Jeong Jeom-sik, Special Committee Commissioner Shim Kyo-eon, Special Committee Commissioner Yang Jeong-ho, Yangcheon-gu Gap Party Chapter Chairperson Ham In-gyeong, and Yangcheon-gu Eul Party Chapter Chairperson Oh Gyeong-hun, took part and listened to local residents' difficulties.
Jang said, "Because real estate accounts for the largest share among assets, when policy on it goes wrong, ordinary people's lives become difficult and the entire economy is greatly affected," adding, "You can never solve the real estate problem by trying to intimidate with words or by pitting those who own homes against those who do not."
At the roundtable, residents voiced concerns about President Lee Jae-myung's recent real estate policy. One resident said, "In a liberal democratic country, they are tightening regulations on the grounds of not being an owner-occupier and are not recognizing private property," and asked, "Is it really right to restrict freedom of transfer of residence and property rights?"
Another resident said, "Compared with cases of large inherited or gifted assets, young people who build assets through earned income are bound by stronger regulations," and noted, "In a structure where filing a marriage registration combines income and reduces the loan limit, marriage ends up being a disadvantage."
In response, Commissioner Shim Kyo-eon said, "Korea is the only country that demonizes owners of multiple homes. In Seoul, the owner-occupancy rate is around 50%, while in New York and London it is around 30%," adding, "In global metropolises, it is natural for owners of multiple homes to provide rental supply. Even if quality is a bit lower, they are pursuing real estate policy in the direction of increasing supply, but the current administration's policy is lagging globally, which is frustrating."
Answering a resident's question expressing concern about the "public concept of land," Jang said, "We cannot agree to policies that go beyond the scope envisioned by the Constitution and infringe on the essential content of property rights," adding, "What the Democratic Party of Korea is talking about now as the public concept of land exceeds the degree of restrictions envisaged by the Constitution and infringes on the essential content of property rights."
Policy proposals also emerged, including a three-year advance notice system for real estate policy. Commissioner Yang Jeong-ho said, "Just like sensitive policies related to the College Scholastic Ability Test are announced three years in advance so they can be maintained, we should introduce a law that establishes at least a three-year advance notice system for real estate policy so we can anticipate policy."
Policy Committee Chairperson Jeong Jeom-sik said, "I fully agree with the three-year advance notice system," adding, "The biggest problem is that the Lee Jae-myung administration is fixated only on public-led development; incentives such as floor area ratio increases on par with public development should be given to private development to spur private projects."