Kim Geun-sik: "Jin Seong-jun, Rising House Prices Are Not Market Failures but Clear Policy Failures... Victory of the Market"

On July 16, at the National Assembly in Yeouido, Seoul, Kim Geun-sik, the head of the advisory group, is speaking at the Future United Party (currently People Power Party) 'Park Ji-won, Director of the National Intelligence Service nominee hearing advisory group and Intelligence Committee 2nd meeting.' Photo by Yonhap News

[Asia Economy Reporter Kim Young-eun] Regarding Jin Seong-jun, a member of the Democratic Party of Korea, saying "The rise in housing prices is a market failure, not a policy failure," Kim Geun-sik, the People Power Party's Seoul Songpa-byeong district committee chairman, pointed out, "It is clearly a policy failure and a victory for the market. Because the policy was to suppress the market and control housing prices against the market, it backfired on the market."

On the 7th, Chairman Kim said on his Facebook, "They introduced policies to control housing prices, but instead, housing prices rose. That is exactly what is called a 'policy failure.'"

He continued, "As Representative Jin said, the Moon administration introduced policies to control housing prices. However, those policies ended up raising housing prices even more. This is what is called a policy failure, a failed policy," and criticized, "Producing only negative results contrary to the intended purpose of the policies is precisely a policy failure and the incompetence of the administration."

He then addressed Representative Jin, saying, "Even if your mouth is twisted, speak correctly. The Moon administration's real estate policy is the clearest policy failure and the most definite victory for the market," adding, "Only policies that adapt to, stimulate, and complement the market can be successful policies."

Earlier, Representative Jin said on KBS Radio's 'Kim Kyung-rae's Strongest Current Affairs' that the recent rise in housing prices is "more of a market failure than a policy failure," and explained, "Houses or apartments cannot be built arbitrarily as one wishes; even if there is a strong desire to supply, there are land constraints and time-consuming issues."

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