As the People Power Party recently held a "special meeting on normalizing real estate policy" to address rising real estate prices in the Seoul metropolitan area, People Power Party leader Jang Dong-hyeok labeled the Lee Jae-myung administration "the main culprit of real estate hell," unleashing sharp criticism.
On the morning of the 7th, the People Power Party held a "special meeting on normalizing real estate policy" and criticized the government's real estate policy. Jang said, "In one year under the Lee Jae-myung administration, apartment prices in Seoul have surged by as much as 11%," adding, "It has even surpassed the Moon Jae-in administration to rank an overwhelming No. 1 among past governments, and President Lee Jae-myung is the root of all evils and the main culprit of real estate hell."
Jang went on, "You tightened regulations and blocked loans because home prices were rising, but did that tame prices?" and asked, "Now you say you will even raise taxes—will that tame prices?" He added, "In the end, they drove up home prices themselves and, claiming they would tame those prices, are only cracking down on the public."
He also mentioned findings from the Yeouido Institute under the People Power Party. Jang said, "Fifty-four percent of the public think the burden on tenants will increase, and overall evaluations of the Lee Jae-myung administration's real estate policy were 52% negative and only 35% positive," adding, "In particular, negative evaluations among people in their 20s and 30s reached 64%. The public no longer trusts this administration's real estate policy."
He added, "If you jack up real estate taxes, landlords have no choice but to move in themselves or raise jeonse and monthly rents," and asked, "Tenants will be forced out of homes where they had been living well or, with no choice, shoulder the skyrocketing jeonse and monthly rents. Is this what President Lee Jae-myung calls real estate normalization?"
He again highlighted that, in the process of selling an apartment in Bundang District, Seongnam, President Lee recently established a collateralized mortgage of 1.77 billion won that listed the buyers as debtors. Jang said, "The person who miraculously dodged a tax bomb is President Lee Jae-myung," adding, "He even mobilized additional collateral and hastily sold the home, with unearned income exceeding 2.5 billion won."
He continued, "If he had kept the Bundang apartment, would he have raised the property holding tax like this and cut the long-term holding special deduction like this?" and added, "The public will judge." He said, "The moment he sold his own house, he saddled the public with a tax bomb," adding, "There is truly no hypocrisy like this."