"Youth Struggle with Monthly Rent While LH Engages in Speculative Shopping: 2030 Generation Angered by LH Scandal's 'Unfairness'"

LH Land Speculation Allegations... "Frustration," "Disappointment" 2030 Anger
Experts "Serious Fairness Damage... Must Keep Raising Issues"

The Korea Land and Housing Corporation (LH) Gyeonggi Regional Headquarters in Seongnam-si, Gyeonggi Province./Photo by Yonhap News

[Asia Economy Reporter Kang Juhee] Amid growing controversy over allegations of land speculation by employees of Korea Land and Housing Corporation (LH) in new town development sites, voices expressing anger and despair are rising strongly among the 2030 generation youth. The 2030 generation, struggling with employment difficulties due to a shrinking job market and facing challenges in home ownership due to soaring housing prices, are furious that fairness has been compromised once again by the LH scandal.

Experts point out that the sense of deprivation and frustration among young people can only deepen due to the erosion of fairness revealed by the LH scandal.

Kim, a man in his 30s living alone and working in Seoul, said, "Since I first joined the workforce in my late 20s, I have been saving nearly half of my monthly salary, but even if I save for decades like this, I cannot buy a house in Seoul," adding, "Meanwhile, LH employees are using insider information to speculate on land and make billions of won. I feel a sense of deprivation knowing that no matter how hard I try, I cannot buy a single house."

Kim continued, "In the past, I believed that anyone who worked hard would be rewarded, but now that is no longer true," and said, "Even in public enterprises, such large-scale corruption is emerging, so I wonder if a fair society really exists. This makes me feel hopeless."

The anger of the youth over the LH scandal is not subsiding easily. On the 15th, a candlelight rally condemning the LH speculation allegations was held in front of the LH Seoul headquarters in Gangnam-gu, Seoul, hosted by youth-centered civic groups such as 'Korean Youth Solidarity' and 'Youthhada.'

At the rally, participants held placards and candles with slogans such as "Turn the world of real estate speculation upside down" and "Youth live on monthly rent, LH speculates repeatedly," strongly urging, "Investigate and punish all those involved, including LH employees, their relatives, and high-ranking public officials."

On the afternoon of the 15th, participants including the Korea Youth Solidarity and the Youth Progressive Party hold candles at the "Emergency Candlelight Rally for Youth Angry at LH Real Estate Speculation" held in front of the Korea Land and Housing Corporation (LH) Seoul Regional Headquarters in Gangnam-gu, Seoul. Photo by Yonhap News

Especially, the anger among young people is growing stronger as a person presumed to be an LH employee posted a message on an anonymous community for office workers defending speculation and mocking the critical public opinion.

In the post, the writer left mocking remarks such as "People will forget in a month or two anyway," "Even if you investigate, everything is done under false names, so how will you find anything?" "Even if you explode with jealousy, I will speculate under false names and enjoy my retirement," and "If you’re upset, you should change jobs too."

Park, a 37-year-old job seeker, expressed, "Reading that post made me feel even more hollow," adding, "I was terrified that someone who committed wrongdoing could shamelessly sneer. It felt like my own dream of working for a public enterprise was trampled."

Lee, a 35-year-old office worker, criticized, "The LH employee’s post clearly showed that this society is not fair, equal, or just," and said, "Those without money or homes cannot trust or rely on anything in this society."

Experts point out that as incidents undermining fairness, such as admission scandals involving the powerful, continue to occur, the sense of deprivation and frustration among young people can only grow.

Professor Kwak Geumju of Seoul National University’s Department of Psychology said, "As seen in terms like 'Sujeo Class Theory' and 'Hell Joseon,' the issue that our society is not fair or just has been continuously raised," adding, "People with power have witnessed guaranteed success and easier employment. The LH scandal confirmed once again to young people that those with advantageous information benefit, while others cannot have anything no matter how hard they try, which inevitably deepens their frustration."

Professor Kwak continued, "The belief that one can succeed if they are capable and skilled has been shattered. However, it is important to keep raising these issues," emphasizing, "Young people must raise their voices on social issues and present what is right for society. They must be able to claim the public’s right to know fairly without being politically swayed."

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