Hong Joon-pyo: "The common people's dream of 'owning a home'... If unmet, the regime will collapse"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Hong Joon-pyo, former leader of the Liberty Korea Party, stated on the 17th, "The dreams of ordinary people are simple. Their greatest hopes focus on owning a home and their children’s success," adding, "A society that fails to fulfill these dreams becomes unstable, and the regime collapses."

On the same day, Hong said on Facebook, "The reason I predicted that the Moon Jae-in administration would collapse starting in September due to real estate issues is precisely because of this," and added, "Unlike ideological issues, the collapse of people’s livelihoods provokes anger regardless of political orientation."

Hong emphasized, "To prevent apartments from becoming lottery tickets, speculation must be curbed, and money should flow not into real estate but into the stock market and industrial sectors. When investment returns outside of real estate are favorable, the myth of real estate invincibility collapses, and sound economic policies are established," further stating, "For this, the various regulations imposed on real estate must be lifted, taxes simplified, and the supply in the real estate market expanded. When we return to free market policies, the real estate market will normalize."

Hong also said, "Suppressing the real estate market, enforcing punitive taxation, and restraining redevelopment and reconstruction do not stabilize the real estate market."

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