Kim Jong-in "We Must Switch to Post-Occupancy Sale System"... People Power Party Focuses on Real Estate Measures

[Asia Economy Reporter Dongwoo Lee] The People Power Party appears to be focusing on the Moon Jae-in administration's real estate crisis as a strategy to gain an advantage in next year's Seoul mayoral by-election.

Kim Jong-in, the Emergency Committee Chairman, said at the committee meeting on the 16th, "The foundation of the real estate market is collapsing," adding, "There are criticisms that property rights and freedom of residence are being infringed upon, and that the government might be dreaming of real estate socialism."

Chairman Kim stated, "Those who own homes are struggling due to taxes, tenants living on jeonse deposits are being evicted from their homes, and monthly rents have skyrocketed," and defined the real estate crisis as "not a market failure but a failure of government policy."

In the Emergency Committee meeting room, a backdrop reading "Real estate will stabilize... a blatant lie" has been displayed for a week, criticizing the government's real estate policies.

In the afternoon, Chairman Kim visited the Gwacheon Knowledge Information Town model house, known as the "lottery subscription," and suggested switching to a 'post-sale system,' stating, "As long as the apartment pre-sale subscription system is maintained, the speculation problem cannot be resolved." This area is expected to yield a market price difference of up to 1 billion won upon winning.

At the party level, policy alternatives to increase real estate supply are being proposed.

The Real Estate Market Normalization Special Committee prepared a bill to support expanding housing supply by raising the floor area ratio in residential areas from the current 50-500% to 100-800%, and on this day, Representative Song Seok-jun, the committee chairman, officially proposed it. Previously, the Policy Committee announced a policy to supply one million homes through reconstruction and other means.

Presidential hopefuls within the party have also put the real estate issue at the forefront and presented their own alternatives.

Former lawmaker Yoo Seung-min, who had refrained from public appearances while focusing on writing a book since the April 15 general election, held a forum on the topic of "housing issues" and started his next presidential campaign.

Regarding housing price policy, former lawmaker Yoo explained, "The 50% increase in housing prices under the Moon Jae-in government, which rose sharply, needs to be somewhat adjusted downward," adding, "Whether for sales or jeonse, the basic policy maintained by conservative parties is to stabilize prices by sufficiently increasing supply."

Jeju Governor Won Hee-ryong has also been proposing real estate policy alternatives, including a complete revision of the 'Three Lease Laws.'

Governor Won suggested on Facebook a plan to ease loans up to 90% for young people and newlyweds or to provide government-supported 'first homes.' He said, "Let's climb the ladder of housing improvement even without wealthy parents."

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