Song Eon-seok Criticizes Real Estate Policies, Calls for Activation of Private-Led Redevelopment
The People Power Party (PPP) launched a sharp attack on the real estate measures announced by the Lee Jae-myung government, labeling them a “Seoul expulsion order.” The party plans to initiate a task force dedicated to normalizing real estate policies and hold discussions with the Seoul city government to find practical alternatives.
At a policy meeting, Song Eon-seok, the floor leader of the PPP, argued that the government’s approach has only amplified public despair and confusion. He criticized the belief that there are no issues with the current real estate market or that housing prices will not skyrocket.
Song also pointed out the disconnection between official statements about mortgage availability and the reality of high housing prices, emphasizing the need to shift focus to enabling Seoul residents to own homes.
The government and ruling party are urged to form a cooperative body involving both political parties and the city of Seoul to address these issues. Song stressed that regulations should be relaxed to promote redevelopment and reconstruction, suggesting that a fast-track process should be introduced to speed up approval procedures.
Additionally, Kim Do-eup, chair of the policy committee, criticized remarks advocating for buying homes without taking on debt, highlighting the impracticality for those without cash who are expected to rent instead.
He argued that the current government’s supply measures are detached from reality, with severely limited housing availability expected in Seoul by 2030. Kim emphasized the need for a shift towards activating redevelopment and reconstruction led by the private sector to increase housing supply, calling for an aggressive elimination of regulations to allow creative and enthusiastic development spearheaded by private entities. The PPP aims to hold a real estate meeting with the Seoul city government to devise real solutions promptly.