Lee Jae-myung: "A Decisive Opportunity to Eradicate Real Estate Speculation"

"Moon Administration's Will to Eradicate Real Estate Corruption, Gyeonggi Province Will Support with Action"

Governor Lee Jae-myung of Gyeonggi Province. [Image source=Yonhap News]

[Asia Economy Reporter Heo Midam] Lee Jae-myung, Governor of Gyeonggi Province, on the 16th urged reform of the real estate system, saying, "Now, when the entire nation demands the abolition of unearned income from real estate, paradoxically, this is a 'decisive opportunity' for real estate reform."

On the same day, Lee posted on his Facebook under the title "A decisive opportunity to eradicate the ruinous real estate speculation," stating, "In the face of the public's anger over unearned income from real estate, I feel the urgent crisis of this country."

As measures for real estate system reform, Lee proposed "introduction of strong regulations," "prevention, management, and supervision through transparent information disclosure," and "recovery of profits through tax and financial reforms."

He said, "Public officials should be prohibited or restricted from owning real estate except for essential properties," and added, "A real estate blind trust system should be introduced to prevent private gains from real estate information obtained through public office."

He continued, "Expanding the scope to include heads of local government departments, public officials related to land development and housing, and all employees of public institutions will ensure effectiveness," and argued, "Strong punitive regulations such as multiple times fines and criminal penalties should be newly established for public officials owning real estate under real or borrowed names."

Lee also emphasized, "Prevention, management, and supervision through transparent disclosed information are necessary," and said, "A full survey of real estate should be conducted to transparently disclose land usage status and be used to determine speculation."

He explained, "Based on transparent information disclosure, a real estate market monitoring system comparable to the financial market should be introduced," adding, "The financial market, which is also considered a representative asset market along with real estate, is regulated under the 'Capital Market Act' and uses organizations such as the Financial Supervisory Service to block market disruption and respond to various unfair practices. The real estate market urgently needs to adopt such a management and supervision system."

Governor Lee Jae-myung of Gyeonggi Province. [Image source=Yonhap News]

Lee further stated, "Recovery of profits through tax and financial reforms is necessary," and said, "Unearned income from real estate price increases should be recovered as much as possible. At least public land should not be sold like a lottery, but supplied in ways such as basic housing or lifelong housing, so that the public recovers the capital gains and everyone can enjoy public benefits."

He added, "Real estate reform is not easy. However, it is not impossible. No matter how difficult it seems, I firmly believe that problems created by humans can be sufficiently solved by humans."

Lee also called on the National Assembly, saying, "Please proceed with the revision of the Public Officials Ethics Act to introduce the real estate blind trust system and enact the Real Estate Market Act to establish a Real Estate Supervisory Agency that monitors the real estate market like the Financial Supervisory Service," and said, "I support the 'five laws to prevent public officials' speculation and corruption,' including the Conflict of Interest Prevention Act mentioned by Kim Tae-nyeon, the floor leader of the Democratic Party, and urge prompt legislative action."

Additionally, he mentioned the "Gyeonggi Province Public Officials Real Estate Review Committee" and explained, "It is a plan to require prior reporting of new real estate transactions by public officials in land development and housing-related departments in the province, and to recommend restraint in acquisition and disposal if the review results are deemed inappropriate.

Lee said, "It is not excessive to think of the common people who shed tears over real estate and the citizens who live their whole lives repaying real estate loans. Korean society, which has a history of successfully reforming the tenant farming system that lasted for thousands of years and dismantling the landlord country, can dismantle the real estate republic if there is will."

He also said, "Crisis always comes with opportunity. Historically, when society faced crises, it was able to find new possibilities and step onto new paths," and added, "This crisis we face now will be a turning point to seriously consider economic and social structural problems and find new ways forward."

Finally, Lee emphasized, "I will step forward with the determination that this is the last chance," and said, "Gyeonggi Province will support the Moon Jae-in administration's will to eradicate real estate corruption through action."

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