Yoo Kyung-jun: "Real Estate Market Needs a 'Supply Bomb,' Not a 'Tax Bomb'... Must Unlock Reconstruction and Redevelopment"

[Asia Economy Reporter Lee Ji-eun] Yoo Kyung-joon, a member of the United Future Party, said about Kim Tae-nyeon, the floor leader of the Democratic Party of Korea's negotiation group representative speech, "What is needed now is not a tax bomb but a supply bomb."

On the 20th, Yoo said on Facebook, "What the people want is not to punish homeowners but to create a world where the homeless can own homes."

He pointed out that Kim's floor leader speech is consistent with President Moon Jae-in's opening speech, which stated, "We will make it impossible to make money from real estate," and criticized, "The Moon Jae-in administration and the Democratic Party are mistaken."

Yoo proposed, "We must pour out a new town-level housing supply volume in major domestic urban areas such as Seoul and Busan," adding, "Before worrying about whether to release the Green Belt, the entire skyline of Seoul, including an increase in floor area ratio, should be promoted intensively starting with reconstruction and redevelopment that can be immediately utilized."

He said, "If a reconstruction and redevelopment boom occurs, prices will inevitably fall in the long term due to oversupply," and urged, "The Moon Jae-in administration and the Democratic Party should immediately withdraw the real estate tax bomb law."

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