Won Hee-ryong: "Raising Official Land Prices Won't Control House and Jeonse Prices... Must Stop Immediately"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] Won Hee-ryong, Governor of Jeju and one of the opposition presidential candidates, criticized the government's policy to realize the official land price up to 90%, saying, "Raising the official land price cannot control house prices and jeonse prices."

On the 29th, Governor Won said on Facebook, "As with other issues, this government especially does not admit errors in its real estate policy."

Referring to President Moon's policy speech stating "We will definitely stabilize the jeonse market," he said, "'The direction is right,' 'The will is firm,' 'The policy effect will soon appear and real estate will stabilize'?isn't this a repetitive song we've been hearing for four years?" He criticized, "This year, you said you would stabilize the jeonse market, but now the market is saying, 'The president will surely promise to stabilize the monthly rent market next year.'"

Governor Won said, "If you keep running without admitting errors, you will get farther from your destination. Stop immediately," and regarding the supply plan for rental housing, he questioned, "Is it common sense to freeze transactions of existing houses in the market and separately spend money and time to supply new units?"

He also said, "The current government is trying to raise holding taxes significantly by increasing the official land price," and gave two reasons: "First, that will not control house prices or jeonse prices. Second, it is not right."

He emphasized, "A house is not an object to be punished with taxes like cigarettes or gambling," and added, "Advanced countries support homeownership to build a strong middle class, and instead, the state uses taxes to ensure housing stability for low-income groups who cannot buy houses even with mortgages and young people who have just started earning income. This is a welfare state."

Governor Won criticized, "This government blocked all urban reconstruction and redevelopment, did not supply new apartments in areas desired by the people, and restricted loans," adding, "Unless you have a golden spoon or a decent job, even dual-income couples cannot buy a house in Seoul. Can't you hear the cries of young people giving up marriage and childbirth due to rising house prices?"

He said, "The answer is to supply housing and activate transactions in areas desired by the people," and added, "Unearned income from rising prices of high-priced houses can be absorbed through capital gains tax when converted to cash by sale."

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