Joo Jin-hyung "Is the 2014 Law the Cause of Real Estate Surge? Misleading Public Backlash Elsewhere"

Kim Tae-nyeon: "Real Estate Surge Due to Cumulative Housing Stimulus Policies from Lee Myung-bak and Park Geun-hye Governments"

Joo Jin-hyung, Supreme Council Member of the Open Democratic Party / Photo by Yonhap News

[Asia Economy Reporter Kim Ga-yeon] Joo Jin-hyung, Supreme Council Member of the Open Democratic Party, criticized the claim that "the amendment of the three real estate laws during the Park Geun-hye administration is the cause of the recent surge in real estate prices," saying, "Isn't this an attempt to scapegoat and divert public dissatisfaction to the wrong place as public backlash against real estate policies grows?"

On the 3rd, Joo said on KBS Radio's 'Kim Kyung-rae's Strongest Current Affairs,' "If that was such a problem, it should have been raised in advance over the past three years."

Joo pointed out, "They criticized the law enacted at the end of 2014 as the main culprit of the real estate price surge, but what evidence is there that this law has been the main cause of the surge over the past three years?" and added, "I think pro-government progressive figures are blindly following along."

He continued, "Then efforts should have been made in the National Assembly to amend that part over the past three years, but they didn't. Why suddenly bring this up now?"

Earlier, Kim Tae-nyeon, floor leader of the Democratic Party of Korea, claimed at the Supreme Council meeting that "one of the causes of the real estate price surge is the cumulative real estate stimulus policies over nine years during the Lee Myung-bak and Park Geun-hye administrations."

Kim emphasized, "The Democratic Party is responsible for failing to stabilize the overheated real estate market early. However, the United Future Party should not evade responsibility for the real estate surge either," adding, "(Now) we are in the process of overcoming and normalizing the harmful legacies of the Lee Myung-bak and Park Geun-hye administrations. The Democratic Party and the government will firmly respond to policy disruptions colluding with speculative forces."

Regarding the United Future Party's criticism that "real estate policies deny private ownership and are communist," he responded, "It is regrettable that the United Future Party is trying to shake real estate policies with outdated ideological attacks," and rebutted, "Since the 2008 financial crisis, advanced countries worldwide have introduced rent caps and property taxes to block speculation and stabilize housing. If the United Future Party's argument were true, then the United States, Germany, and France would all be communist countries."

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