Real estate policy announced the previous day
“A rehash of 20 years of leftist regime failure”,
Song Eon-seok, floor leader of the People Power Party, speaks at the Supreme Council meeting held at the National Assembly on the 16th. Senior Reporter Yoon Woon-sik yws@hani.co.kr,
, ‘On the 16th, Song Eon-seok, floor leader of the People Power Party, proposed forming a bipartisan, government-city four-party real estate consultative body with the Democratic Party, the Ministry of Land, Infrastructure and Transport, and Seoul City.’,
,
, ‘During the Supreme Council meeting at the National Assembly, Song stated, “When it comes to policies for expanding real estate supply for the benefit of the housing-deprived public, there can be no divisions between parties or political factions. Let’s start cooperative governance that listens to the voices of reality and the market with real estate policies,” he said.’,
,
, ‘Additionally, Song criticized the government’s real estate policy revealed the previous day that included designating areas across Seoul and parts of Gyeonggi Province as adjustment or speculative zones. He claimed, “This is a rehash and reopening of the failed 20-year real estate policies of leftist regimes from the Roh Moo-hyun government, through the Moon Jae-in government, to the Lee Jae-myung government. Anti-market demand suppression measures aiming to beat the market might serve as temporary anesthetics or hallucinogens, but ultimately, they won’t control housing prices and will destroy the dreams of homeownership for the working class and the youth,” he said.’,
,
, ‘Song further argued, “In effect, President Lee Jae-myung has issued an expulsion order to the housing-deprived citizens of Seoul.” He remarked, “An urban worker who has been employed for 5 to 10 years earns an average of 4.22 million won per month. With the average apartment price in Seoul being a staggering 1.43 billion won, even if a housing-deprived worker borrows up to 570 million won with an LTV of 40%, they still need to secure 858 million won on their own. Including taxes and other associated costs, one needs at least 900 million won in cash to buy an apartment in Seoul. It would take 17 years for someone earning 4.22 million won per month to save 900 million won without spending a penny,” he claimed.’,
,
, ‘He urged, “Please urgently prepare effective supply expansion measures,” adding, “Upzoning policies in Seoul’s central areas must necessarily be implemented.” Song also stated, “It seems unavoidable to ease regulations on redevelopment and reconstruction, adjust building-to-land ratios and floor area ratios, and greatly increase new private housing apartments for young adults, newlyweds, and single-person households near stations,” he said.’,
,
,