Yoon Hee-sook: "Greenbelt Compensation Will Only Inflate the Bubble... Loosen Restrictions on Reconstruction and Redevelopment"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Yoon Hee-sook, a member of the National Assembly's Planning and Finance Committee from the Future United Party, emphasized that the government and ruling party's consideration of lifting the Greenbelt will only increase the bubble due to Greenbelt compensation costs, and that reconstruction and redevelopment should be allowed instead.

On the 17th, Yoon said on Facebook, "It was already proven 15 years ago that trying to do politics through real estate policies will only lead to a predictable outcome."

He pointed out, "Looking at newspapers from 15 years ago is surprising. If you cover the dates, it looks like last week's news," adding, "This is because the Moon Jae-in administration is repeating the failures of the Roh Moo-hyun administration, which brought about a historic surge in real estate prices by repeatedly invoking ultra-strong demand suppression measures."

Yoon explained, "The government, which raised capital gains tax, acquisition tax, and property tax all at once, effectively ordering people neither to sell nor hold properties, is now saying it will lift the Greenbelt in Seoul to increase supply," and added, "They are basically saying, 'We will lift the Greenbelt not in areas where house prices are rising, but you should go live outside those areas.'

He continued, "Thanks to this arrogant government that designates where people can live, supply in preferred areas will still be restricted," and added, "Since prices will continue to rise, the Moon Jae-in administration's greatest achievement is fostering ordinary people into speculative forces."

He criticized, "Instead of creating more bubbles in the already liquidity-overflowing real estate market due to Greenbelt compensation costs, the only way to increase urban housing supply now is to lift regulations on reconstruction and redevelopment," and said, "Trying to label people living in houses with rusty water and leaking rain as speculators only sows discord among the public and ultimately harms only themselves."

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