Lee Hye-hoon "Government Subtly Shifts Real Estate Policy as By-Elections Approach... Apologize First"

"Demanding Supply Expansion, Accused as Pro-Speculator Forces by Opposition"
Deputy Prime Minister Hong in Interview on the 10th: "Increasing Supply is the Solution for Real Estate Stability"

Lee Hye-hoon, former member of the Future United Party (predecessor of the People Power Party) / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Former Future United Party (predecessor of the People Power Party) lawmaker Lee Hyehoon criticized the government’s real estate policy, saying, "As public sentiment ahead of the April by-elections grows uneasy and focuses on judging the failure of real estate policies, they are quietly shifting their policies," but added, "However, they must start by properly apologizing."

In a post on his Facebook on the 11th, Lee pointed out, "The part I most anticipated in the President’s New Year’s address was missing," adding, "The greatest pain for the entire nation last year was, without a doubt, the failure of real estate policies."

He continued, "However, there was neither a sincere apology for the real estate failure nor any concrete promises."

Regarding the government’s real estate policy, Lee said, "They condemned redevelopment and reconstruction as hotbeds of evil and insisted reconstruction must not happen, but now they are even tinkering with easing reconstruction regulations," emphasizing, "All of this is fine, but they must start by properly apologizing. They must first apologize to everyone who suffered due to the flawed real estate policies."

He also stated, "They must apologize to those who, because the median price of apartments in Seoul was raised to 1 billion won, can no longer even dream of owning a home by saving their salary, and to those who find it difficult to own a home even by borrowing money," adding, "They must apologize to those who suffer in old, unsafe, dilapidated houses past their expiration date because regulations prevent new housing from being built."

He further argued, "They must also apologize for the mistake of labeling the opposition, which pointed out the supply shortage and demanded increased supply, as supporters of speculators," and criticized, "Isn’t responsible politics about honestly admitting that the opposition was right and the ruling party was wrong?"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance / Photo by Yonhap News

Meanwhile, on the previous day (the 10th), Deputy Prime Minister and Minister of Economy and Finance Hong Namgi hinted at the possibility of a new real estate policy focusing on additional housing supply through redevelopment and reconstruction.

On the same day, Hong appeared on KBS’s 'Sunday Diagnosis' and said, "At this week’s ministerial meeting to review the real estate market, we plan to review the housing supply through the expansion of redevelopment and reconstruction announced last year, and also discuss ideas for additional housing supply in station areas."

He added, "If discussions go well, additional supply expansion measures may be prepared," but emphasized, "It is still at the review stage."

On that day, Hong also expressed an apology regarding the instability factors in the real estate market.

He said, "I feel sorry for not stabilizing the real estate market," explaining, "The presence of instability factors is largely due to supply and demand, as real estate is also a market." This is interpreted as emphasizing the importance of housing supply in real estate stabilization measures.

He then stressed, "Increasing supply is an important solution to stabilize the real estate market now."

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