People Power Party lawmaker Lee Jong-bae said on the 8th that "Lee Jae-myung's real estate policy will end in failure after only pushing up home prices."
Lee said in a Facebook post that day, "President Lee Jae-myung denied the Democratic Party's real estate policy failure at a press conference and said he would fix it because property taxes are low," adding, "As the president himself acknowledged, the reason home prices stabilized when the People Power Party was in power is simple. It is because we stably supplied dwellings of the size people wanted in the areas they wanted, by actively pushing redevelopment and reconstruction."
Lee criticized, saying, "Raising property taxes is a policy whose failure has been proven, as the Moon Jae-in administration's experiment of sharply increasing the comprehensive real estate tax and property taxes led to a surge in real estate prices," adding, "This is because rents and sale prices pass on tax hikes to the same extent."
Lee went on, "The Lee Jae-myung administration expects that if property taxes go up, the tax burden will increase and people will sell the dwellings they hold, but most are already actual owner-occupiers, and even if they sell, where can they find buyers when demand has vanished due to loan regulations?" adding, "Only home prices will soar due to higher property taxes, and housing transactions will freeze."