Eonju Lee: "Ban on Yeongkkeul? Does Anyone Think People Do It Willingly?"

Former Lee Eon-ju, United Future Party (now People Power Party) member. Photo by Yonhap News

[Asia Economy Reporter Kim Young-eun] Former Future United Party (now People Power Party) lawmaker Lee Eon-ju criticized the government’s announcement of loan regulations that call for recalling loans if a house in a regulated area is purchased within one year after receiving a credit loan of over 100 million won.

On the 15th, Lee shared an article about the government’s loan regulations on her Facebook, saying, "Who would want to do Yeongkkeul (meaning borrowing to the extent of one’s soul) willingly?" She added, "Due to the complete failure of housing policy, house prices and monthly rents are rising, but mortgage loans are restricted, so people have no money and are forced to do Yeongkkeul reluctantly."

She continued, "The balloon effect causes house prices in provincial areas to surge as well. In the end, young people without a lump sum of money are told not to even think about buying a house, and if the government builds rental housing, they should be grateful and live there," and criticized, "They themselves buy houses here and there, invest in stocks, and seek power, while telling the people to remain propertyless and powerless as a proletariat, making them easier to control."

She further stated, "It means that those without money should not even dare to have hope, revealing that their usual cries about the weak and the underprivileged were blatant lies and hypocrisy."

Lee said, "What the people want is a small home where parents and children can live happily together, even if it is modest, and despite tight finances, they want to give their children decent educational opportunities and, if possible, special education," adding, "It is the government’s job to help make this possible. Please stop raising house prices and pushing the people into suffering."

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