Real Estate Price Surge, Ruling Party Raises 'Opposition Party's Original Sin' Theory

[Image source=Yonhap News]

[Asia Economy Reporter Kang Nahum] The Democratic Party of Korea has raised the 'opposition party original sin theory' regarding the skyrocketing real estate prices. They criticize that the real estate 3 Acts promoted during the Park Geun-hye administration caused the surge in real estate prices, and the effects are still ongoing.

Kim Tae-nyeon, the floor leader of the Democratic Party, pointed out at the Supreme Council meeting held at the National Assembly on the 29th, "The real estate 3 Acts led by the Saenuri Party, the predecessor of the United Future Party, in 2014 caused the surge in the apartment housing market," adding, "The United Future Party cannot be free from responsibility for the overheating of the real estate market."

The real estate 3 Acts promoted by the Park Geun-hye government and the Saenuri Party in 2014 included measures such as extending the grace period for the reconstruction excess profit recovery system to revitalize the real estate market.

Kim emphasized, "The aftereffects of the failure to pass the follow-up legislation of the December 16 measures due to opposition from the opposition party in the 20th National Assembly are appearing as overheating phenomena in the real estate market," and added, "We cannot leave the overheating and confusion of the real estate market unattended, and we must not repeat past mistakes."

He continued, "The United Future Party is aware of the overheating of the real estate market but continues to stall and evade," criticizing, "Their blaming the ruling party is a weak act cosplay and obstruction."

Democratic Party lawmaker Kim Doo-kwan also cited an MBC report on Facebook that day, stating, "Housing prices in the metropolitan area began to rise in the latter half of the Park Geun-hye administration," and claimed, "The cause was the real estate 3 Acts led by the Saenuri Party at the end of 2014, so-called ‘Gangnam Privilege 3 Acts.’"

He explained, "(The bill) allowed construction companies to set sale prices freely, enabled union members owning one old house to increase up to three houses, and prevented the recovery of development profits," adding, "The passage of this law marked the beginning of the housing price surge originating from Gangnam."

Kim said, "Three United Future Party lawmakers earned 1.9 billion, 1.1 billion, and 700 million won respectively from real estate. But this is nothing," criticizing, "Joo Ho-young, the floor leader of the United Future Party who criticized the government, earned as much as 2.3 billion won. Behind the scenes, he made a fortune from housing prices but verbally sold out the common people."

Kim added, "The United Future Party is originally a party representing the interests of multi-homeowners, so we can understand that. However, it is basic courtesy to stop shifting the responsibility for the housing price surge they caused onto the current government."

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