[Comprehensive] "The Common People's Economy is Crumbling" Moon Government's Endless Repeated Real Estate Measures Spark 'Angry Candlelight Protests'

Real Estate Policy Backlash, 5,000 People Candlelight Rally on Weekend
'Is the Country Yours?'... Ongoing Real-Time Search Challenge
Joo Ho-young "Moon Administration Should Be Ashamed"

On the afternoon of the 25th, participants of the "Candlelight Rally Against the Retroactive Application of Excessive Real Estate Regulation Policies and Nationwide Tax Resistance Movement" are shouting slogans in front of the Korea Deposit Insurance Corporation in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] Citizens protesting the government's real estate regulations held a large-scale rally on the 25th in the Euljiro area of Seoul. They unanimously voiced concerns that the Moon Jae-in administration's real estate measures indiscriminately apply regulations to both speculators and ordinary citizens, which they see as problematic. They criticized that even newlyweds and ordinary people are being labeled as speculators. Online, keywords such as 'Is the country yours?' and 'Moon Jae-in step down' have appeared in real-time search rankings, continuing the harsh criticism of the government. The opposition parties have also strongly criticized the Moon administration, saying "We hope this administration learns what shame is."

On this day, a candlelight rally protesting the government's high-intensity real estate regulations aimed at blocking speculative demand, such as the June 17 and July 10 measures, was held in front of the Korea Deposit Insurance Corporation in Jung-gu, Seoul. The rally was hosted by online cafes including 'Meeting for Relief of Victims of the Retroactive Application of the June 17 Regulations' and 'Committee for Opposing the Three Lease Laws by Housing Landlords,' with approximately 5,000 attendees (estimated by the organizers).

At the rally, placards with slogans such as "Trusted the government with housing rental, but got a tax bomb in return!", "Endless repetitive housing policies, crippling the ordinary economy!", and "Oppose the Three Lease Laws" were prominent.

A citizen who attended the rally took the stage and stated, "In a free market economy, why is it illegal and a deep-rooted problem for someone to buy a house with their hard-earned money and receive monthly rent?" and "You (the government and ruling party) are the ones who speculated, not us."

He continued, "When I tried to move near a university hospital because of a child born with a congenital illness and bought an apartment pre-sale right, there were no restrictions, but suddenly it became a regulated area," adding, "In my province, real estate transactions have disappeared, so I can't even dispose of property, and when I try to lease it, I have to pay acquisition tax amounting to tens of millions of won."

After each speech, participants holding placards shouted slogans such as "Are only tenants citizens? Landlords are citizens too," "This is a fine, not a tax," and "President step down."

Signatures opposing the 'Five Lease Laws' were also collected on-site. The organizers announced a goal of 200,000 signatures and plan to file a constitutional complaint challenging the unconstitutionality of the government's measures.

They are criticizing the government's high-intensity real estate regulations through the 'Silgeom Challenge'. Photo by Online Community

Online, the government’s high-intensity real estate regulations are being criticized through the 'Real-time Search Challenge.' The 'Real-time Search Challenge' involves searching specific keywords on portal sites to push them to the top of real-time search rankings.

On the 26th, the keyword "Is the country yours?" appeared in the search rankings. As of 7:30 a.m. on the 27th, it remained within the top 10.

Previously, the challenge was conducted with keywords such as ▲Minister Kim Hyun-mi lies ▲3040 deceived by Moon Jae-in ▲June 17 Sindorim Station Rally ▲June 17 unconstitutional tears of ordinary people ▲Withdrawal of support for Moon Jae-in ▲Retroactive unconstitutionality corrupt government ▲Request for Ministry of Land, Infrastructure and Transport audit ▲Retroactive withdrawal without discrimination ▲Tax resistance national movement, among others.

Joo Ho-young, floor leader of the United Future Party, is speaking at the standing committee secretaries' meeting held at the National Assembly in Yeouido, Seoul, on the morning of the 24th.
[Image source=Yonhap News]

Harsh criticism of the Moon Jae-in administration’s real estate policies continues in the political arena as well.

On the 26th, the day after the rally, Joo Ho-young, floor leader of the United Future Party, posted on his Facebook, "Mencius said, 'If one can feel ashamed of having no shame, then one is not truly shameless.' Prime Minister Chung Sye-kyun apologized to the public regarding the water larvae incident. But is water the only thing this administration should apologize for to the people?"

He added, "Isn't it also shameful that real estate prices are soaring and the government is indiscriminately releasing chaotic countermeasures while treating all citizens as criminals in front of the soaring real estate?"

He said, "Citizens hit by the tax bomb are now asking, 'Is the country yours?' This is not a matter to be dismissed by a sudden administrative capital relocation," and "If the government thought the people would be deceived, that is truly shameful and embarrassing."

Joo also criticized, "The ruling party leader who swears at the people and calls Seoul 'vulgar,' and ruling party lawmakers who harshly criticize the investigation committee on the so-called collusion between prosecutors and media, should all feel ashamed themselves."

He urged, "Policies are directionless, and the administration is shaking the national system. The country cannot remain intact. The country is not 'yours.' We need to deeply consider why the people are angry."

Earlier, Ahn Cheol-soo, leader of the People’s Party, also criticized President Moon on the 20th, saying he was "talking like a president from the moon."

At the 31st Supreme Council meeting held at the National Assembly that morning, Ahn said, "Many citizens feel confusion and anxiety due to the Moon administration’s policy failures and irresponsible governance."

He added, "Thanks to this administration’s failed real estate policies, high-ranking officials have made huge profits in real estate, while in Seoul, the supply of apartment leases, which served as a housing ladder for the homeless ordinary people, is drying up."

Finally, he pointed out, "Homeless citizens who dreamed of owning a home their entire lives and trusted the government are left with no choice but to fall into anger and despair. Now, there is despair and lamentation that they will never be able to own a home in their lifetime."

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