Choo Mi-ae, who shouted "Geumbubunri," O Se-hoon says, "Are you burning down the thatched cottage to catch a bedbug?"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Former Seoul Mayor Oh Se-hoon criticized Justice Minister Choo Mi-ae's advocacy for 'geumbunburi,' which means the separation of finance and real estate, saying, "Are you burning down the thatched cottage to catch a bedbug?"

On the 20th, former Mayor Oh said on Facebook, "Isn't this an extreme claim to dismantle the foundation of the market economy to catch speculative forces abusing the system?"

Regarding Minister Choo's statement that "the strange phenomenon of linking bank loans to real estate should not be tolerated," he retorted, "Is linking bank loans to real estate a strange phenomenon? What were you doing when LTV (Loan-to-Value ratio) and DTI (Debt-to-Income ratio) were revised and supplemented in June 2017? Weren't you the leader of the ruling party at that time?"

Also, to Minister Choo, who criticized the 'real estate standard system' and 'real estate linkage system,' former Mayor Oh said, "What about the Bogeumjari Loan and mortgage loans, which are means for ordinary people to own homes?" and added, "Instead of advocating another extreme prejudice to hide your incompetence blinded by bias, you should walk the right path even now."

Former Mayor Oh pointed out, "You created the real estate gambling table. The problem is the disastrous incompetence of the Moon Jae-in administration," and criticized, "This government has consistently pursued money-printing policies while simultaneously implementing policies that channel abundant liquidity into the real estate and stock markets."

He continued, "As a consequence, the real estate wealth gap has widened to the extreme, and the soaring house prices and jeonse prices continue to drive homeless ordinary people into suffering," adding, "At the center of this great failure was the Democratic Party of Korea, and its leader was Minister Choo."

As real estate measures, former Mayor Oh proposed ▲ bold and abundant housing supply ▲ revitalization of local economies ▲ incentive policies to slow down household fragmentation ▲ easing of holding and transaction taxes with a significant increase in capital gains tax ▲ utilization of repurchase condition sales, land lease sales, and long-term jeonse housing.

He told Minister Choo, "If Minister Choo focuses solely on your main duties, you can minimize the wrongful behavior of private equity funds," and urged, "Focus entirely on the strict investigation and punishment of private equity fund failures and illegal activities such as Lime and Optimus."

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