Yoo Seung-min: "Hotel Room to Jeonse? Did They Present This as a Solution to the Jeonse Crisis?"

"If Not a Communist Country, It Should Be Left to the Market"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Former People Power Party lawmaker Yoo Seung-min criticized the government's announced jeonse (long-term lease) measures on the 19th, saying, "I couldn't believe it, but they are determined to turn hotel rooms into jeonse rooms. The rental measures announced today consisted of 114,000 public jeonse units," and added, "Did they really present this as a solution to the jeonse crisis?"

On the same day, Yoo said on Facebook, "The Moon Jae-in administration ruined the massive private rental market of 5.3 million units by amending the Lease Protection Act last July," and continued, "Yet, they have no intention of restoring this market and instead present 114,000 public jeonse units, including hotel rooms, funded by taxpayers' money, as some kind of measure."

Yoo emphasized, "Markets operate according to the principles of supply and demand," and added, "Unless it is a communist country, the market should be left to operate except for housing welfare for low-income groups."

He pointed out, "This is a clear example of how a foolish government destroys an efficient market and how government failure occurs," and said, "The 5.3 million-unit jeonse and rental market, which was functioning properly without spending a single taxpayer won, has fallen into crisis. Yet, they present a slight increase of public rental units to 114,000 as a measure. This is truly absurd and infuriating."

Yoo asked, "How much longer are we supposed to wait?" and stated, "President Moon Jae-in still does not understand even a little the ladder to homeownership that the people desperately want."

He concluded, "Even now, face why the people are in despair and what they hope for," and urged, "Restore the Lease Protection Act that caused this entire housing crisis to its original state. Then, create policies that restore the housing ecosystem and the ladder to homeownership."

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