Jang Dong-hyuk, the representative of the People Power Party, criticized the alleged “gap investment” by government officials, including the Vice Minister of Land, Infrastructure and Transport. He claimed that both the ruling party’s floor leader and the Vice Minister have used “gap investment” (purchasing properties with existing tenants) to own real estate in key areas. Jang asserted that he would stop the Lee Jae-myung administration and the Democratic Party’s reckless actions that force a “housing hell” on the people.
During the first meeting of the party’s special committee on normalizing real estate policy, Jang stated that the Lee Jae-myung administration and the Democratic Party are trying to replicate failed policies of the Moon Jae-in administration. He aimed to remind the public of the real estate policy failures and speculative activities by high-ranking officials during Moon’s tenure.
Jang criticized what he perceives as a “distorted belief” in real estate, calling it hypocrisy and arrogance, suggesting that former officials of the 586 generation have dismantled the housing ladder for the middle class, working class, and youth through socialist economic experiments.
Referring to the backdrop in the meeting room that read “I can, you can’t,” Jang accused the ruling party of bullying the public with such messages. He emphasized that the People Power Party would seek solutions based on the lived experiences of the public, rather than relying solely on statistics.
Jang concluded by stating that a misguided perception of real estate as mere speculation would not yield sound policies. He promised that the special committee would work towards revolutionary supply expansion and regulatory innovation to ensure housing stability and revive hopes of home ownership for the people.