Kim Byung-gi, the floor leader of the Democratic Party, has pushed back against allegations from the People Power Party accusing him of real estate speculation (“gap investment”) involving his ownership of the Jangmi Apartment in Songpa-gu, Seoul. Kim stated that he has “actually lived there for 13 years.”
The debate arose when the People Power Party questioned Kim’s current ownership of the property despite his position as a National Assembly member representing Dongjak-gu, suggesting that he no longer resides there. In a meeting with reporters, Kim countered the accusation by stating, “It’s not gap investment.”
Kim, who currently rents in Daebang-dong, Dongjak-gu, disclosed in a March property report that he jointly owns Jangmi Apartment in Jamsil, Songpa-gu, with his spouse.
Addressing the criticism, Kim posted on Facebook, urging critics to verify information before blaming him. He detailed his history with the apartment: living there with his parents in 1980, purchasing a unit in 1998, moving within the complex in 2003, and renting in Dongjak-gu in 2016 when he ran for election. He emphasized that at the time of purchase and moving, reconstruction was not even considered.
Kim stated the funds used to purchase the current unit came from selling a previous one and savings by his wife. He challenged others by asking if they would stake their political careers, criticizing a trend of challenging credibility in politics.
In response, Jo Jung-hoon, a member of the People Power Party, expressed skepticism about Kim’s previous comments suggesting people should not take loans to buy homes. He questioned whether those who took loans are now being deemed as wrongdoers and proposed revealing the names of Democratic Party members who bought homes using loans.
Jo criticized Kim for owning a substantial apartment in Jamsil with a tenant, highlighting it as “gap investment.” He suggested Kim should sell the apartment before discussing real estate issues.
Further, Jo argued that without the ability to buy property with loans, only the wealthy would afford homes in Seoul, pushing the non-homeowners out of the city. He emphasized the disillusionment faced by citizens who work hard and rely on loans to buy homes.
Kim Jae-seop, another People Power Party member, criticized Kim Byung-gi for owning a high-value apartment without residing there, framing it as speculation similar to what Democratic policies decry. He lashed out against what he perceives as the destruction of pathways to homeownership for the average citizen and questioned what more is demanded from them in light of recent housing policies.
Despite Kim Byung-gi’s clarifications, the controversy continues to swirl.