Joo Ho-young: "The ruling party's real estate law, made under Blue House's directive, will cause many side effects"

Joo Ho-young, floor leader of the United Future Party, holds an emergency press briefing on real estate measures at the National Assembly on the 29th. Photo by Undongju doso7@

[Asia Economy Reporter Lim Chun-han] Joo Ho-young, floor leader of the United Future Party, criticized the government and ruling party on the 29th, saying, “The laws that the Democratic Party of Korea is making under the Blue House’s directive have no basis to calm the real estate market and will rather cause many side effects,” adding, “Just as the 22 real estate policies ended in failure, I believe these bills will also end the same way.”

At a press briefing on real estate measures held at the National Assembly that day, Floor Leader Joo said, “They are blaming the previous administration for their policy failures, trying to shift the issue to the relocation of the administrative capital, and on top of that, they are recklessly trying to pass real estate and tax laws before the temporary National Assembly session ends on August 4th.”

Floor Leader Joo emphasized, “Since experts have differing opinions on real estate laws, public hearings should be held and expert opinions should be thoroughly considered,” and added, “Tax laws and rates can be a serious infringement on the people, so they must be passed with public consent and bipartisan agreement.”

He pointed out, “They are not properly following the National Assembly Act procedures, breaking even the agreement that the operation of the National Assembly upon its opening should be by consensus, and are only pushing through the laws they want,” and criticized, “Although it is a long-standing practice to conduct joint deliberations on related laws, they are unilaterally pushing them through the Legislation and Judiciary Committee, Land, Infrastructure and Transport Committee, Public Administration and Security Committee, and the Strategy and Finance Committee.”

Lee Jong-bae, policy chief of the United Future Party, stated, “The Democratic Party disregarded the principles of the National Assembly Act and bipartisan consultation by unilaterally submitting the real estate bills to the full committee meetings and forcibly pushing them through,” and added, “The Moon Jae-in administration announced 22 real estate policies, but housing prices and jeonse prices in Seoul and the metropolitan area skyrocketed, causing only polarization.”

Policy Chief Lee said, “Ordinary citizens screamed at their property tax bills, single-homeowners and actual users were hit with heavy comprehensive real estate taxes, and the dreams of homeownership for ordinary citizens and young people were shattered.”

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