Civic Groups Criticize "Patchwork Fitset Measures as Speculative Signals"... Harsh Review of 6.17 Real Estate Policy (Comprehensive)

Minister of Land, Infrastructure and Transport Kim Hyun-mi is making an announcement regarding real estate regulation measures at the Government Seoul Office in Jongno-gu, Seoul on the 17th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Song Seung-yoon] Civic groups criticized the real estate stabilization measures announced by the government on the 17th as insufficient to stabilize housing market prices.

The Citizens' Coalition for Economic Justice (CCEJ) stated, "The government caused the rise in housing prices," and pointed out, "It is no different from sending a signal that it is okay to speculate because the government will continuously support the housing price bubble."

They argued that housing prices increased due to large-scale development projects promoted by the government, such as the May Yongsan Maintenance Depot site development, redevelopment regulation easing disguised as public redevelopment, Jamsil MICE complex development, Yeongdong-daero complex development in Samseong-dong, and metropolitan transportation network projects like the Shinbundang Line.

They added, "Despite the fact that showy patchwork measures cannot prevent real estate speculation and soaring housing prices, policy officials who deceive the public with lies such as 'eradicating speculation, controlling housing prices, and protecting actual demand' must be held strictly accountable," and urged, "We demand the immediate replacement of policy decision-makers including Deputy Prime Minister Hong Nam-ki, Policy Chief Kim Sang-jo, Minister of Land, Infrastructure and Transport Kim Hyun-mi, and Prime Minister Chung Sye-kyun, as well as the dismissal of related bureaucrats."

The People's Solidarity for Participatory Democracy also stated in a press release, "We believe that targeted measures that chase after rising housing prices will not achieve overall housing price stabilization," and emphasized, "The government should implement fundamental and comprehensive residential real estate policies such as a 1% effective tax rate on property holdings, setting a 90% target and roadmap for the actualization rate of official property prices, and the general application of the pre-sale price ceiling system rather than patchwork targeted prescriptions."

They also urged, "It is rightfully criticized that excessive privileges for rental business operators, which encourage speculation, have not been improved," and called for "the abolition of privileges for housing rental business operators."

This content was produced with the assistance of AI translation services.