Kim Jong-in: "Since the Establishment of the Government, This Is the First Time a Minister of Justice Has Expressed Opinions on Real Estate"

Kim Jong-in, Emergency Committee Chairman of the United Future Party, is attending the seminar titled "Can the 30s and 40s Buy a House Under Moon Jae-in Government's Real Estate Policy?" held at the National Assembly on the 21st, delivering a greeting./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporters Lee Ji-eun and Lim Chun-han] Kim Jong-in, Emergency Committee Chairman of the United Future Party, criticized the government's real estate policy chaos, saying, "Since the establishment of the government, this is the first time the Minister of Justice has expressed an opinion on real estate."

On the 21st, at a seminar titled "Moon Jae-in Government's Real Estate Policy, Can the 30s and 40s Buy a House Like This?" hosted by United Future Party lawmaker Song Eon-seok at the National Assembly Members' Office Building, Chairman Kim said, "The Blue House is saying one thing, the government another, and the political parties yet another."

He pointed out, "The government should formulate policies, and the ruling party should oversee them. However, political parties are also presenting their own real estate policies. It's impossible to grasp the situation."

Chairman Kim said, "The biggest victims of the (government's real estate) policy are the common people in their 30s and 40s," adding, "We have never experienced a real estate policy like this recently, and it is unclear which department is actually responsible for establishing and implementing real estate policies."

He criticized, "Whatever policy the government comes up with ends up being a real estate speculation policy," and "Because they have never succeeded properly, they keep endlessly introducing real estate policies."

Chairman Kim emphasized, "Who is ultimately responsible for the government's (real estate) policy?" and said, "With their current mindset, they cannot handle real estate policy; new people must be found to change the direction of the policy."

Regarding the novel coronavirus infection (COVID-19), Chairman Kim noted that interest rates are at historically low levels, saying, "People with money will think that holding tangible assets is the best way to preserve wealth, and their desire to own real estate will not cease." He added, "The government thinks that by indirectly influencing behavior through taxes or financial measures to apply certain pressures, economic agents' behavior will change, but expecting that is reckless in the current situation."

Lawmaker Song said, "Experts say that the current government's real estate measures, which lack policies to expand supply, cannot control housing prices," and pointed out, "Only by actively promoting reconstruction and supplying better housing through redevelopment in urban areas, like the old Gangnam development, can housing prices in urban areas be controlled."

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