In Autumn, Jeong Seong-ho Who Said "Do It Moderately" Says "Ministry of Land, Infrastructure and Transport's Real Estate Policy Failed"

Jeong Seong-ho, Chairman of the National Assembly Budget and Accounts Committee, and Choo Mi-ae, Minister of Justice, are talking at the plenary meeting of the Special Committee on Budget and Accounts held at the National Assembly on the 4th of last month. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kim Young-eun] On the 16th, Jeong Seong-ho, a member of the Democratic Party of Korea, criticized the government's real estate policy, saying, "The Ministry of Land, Infrastructure and Transport's designation of regulated areas is essentially a failed policy." It is unusual for the ruling party's National Assembly Budget Committee chairman to criticize the current government's real estate policy.

On the same day, Jeong said on his Facebook, "It did not help at all in stopping the overall upward trend of apartment prices."

He added, "With just a reasonable level of judgment, it is very clear that designating certain areas as regulated zones and restricting loans would cause a balloon effect, leading to a sharp rise in prices in adjacent non-designated areas," and criticized, "Nevertheless, by designating areas based on schematic criteria, it greatly contributed to the nationwide spread of apartment price surges and only increased the suffering and dissatisfaction of residents in the designated areas."

He continued, "In this case, it would be better to either group all urban areas with a certain number of multi-family housing units together or lift all restrictions and leave it to the market," and said, "It is really frustrating. The public's complaints are increasing, and there are no countermeasures, so I am worried."

Jeong also criticized the designation of Yangju City, Gyeonggi Province, his constituency, as a regulated area, calling it "a typical example of irresponsible desk administration that has been neglected for a long time," and emphasized that "policies must at least maintain fairness."

Earlier, on the 12th of last month, during a National Assembly Budget Committee meeting, when Minister of Justice Choo Mi-ae had a verbal dispute with a member of the People Power Party, Jeong scolded and restrained her by saying, "Please don't say anything else and just listen to the question and answer," and "Please act with some moderation."

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