People Power Party: "It's absurd to convert hotels into residential use"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] The People Power Party criticized the proposal by Lee Nak-yeon, leader of the Democratic Party of Korea, to convert hotel rooms into residential units to resolve the jeonse housing shortage, calling it "absurd."

On the 18th, Kim Ye-ryeong, spokesperson for the People Power Party, stated in a commentary, "After showing baseless optimism and confidence that 'waiting will solve the problem,' is this the best measure they could come up with?"

Kim pointed out, "The ridiculous idea of utilizing commercial buildings and hotels as housing to secure jeonse and monthly rental supply is unrealistic," adding, "The market is also highly skeptical that these measures will work."

He said, "Since these will be remodeled into studio apartments, they do not suit the needs of 3-4 person households who are suffering from supply shortages, and considerable remodeling costs are also required," and "Above all, the public is angry because this approach does not consider school districts and surrounding living environments."

Kim stated, "Measures at the level of an elementary school class meeting will never be able to control the current real estate chaos," and "Fundamental changes such as repealing the three lease laws and implementing market-friendly policies are urgently needed."

Kim added, "It is most important for the president to send a clear signal by replacing Minister Kim Hyun-mi first," and "Otherwise, no matter how many policies are introduced or how much the government bows in failure, the public will perceive this administration as one that only tells lies."

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