People Power Party and Justice Party Reach Consensus on Real Estate and COVID-19 Loss Compensation

Ye Young-guk "Agree with the Purpose of Proposing Real Estate Ruling and Opposition Party-Government Consultative Body"
Kim Ki-hyun "House Prices Must Be Lowered"
Reaffirming Consensus on Responding to Loss Compensation System

[Asia Economy Reporter Naju-seok] The People Power Party and the Justice Party confirmed policy consensus on small business loss compensation and responses to real estate policies.

[Image source=Yonhap News]

On the 4th, Kim Ki-hyun, acting party leader and floor leader of the People Power Party, reaffirmed this position with Justice Party leader Yeo Young-guk during a courtesy visit. Both sides emphasized parliamentary principles.

Leader Yeo said, "I understand that yesterday (Acting Leader Kim) met with Senior Secretary for Political Affairs Lee Cheol-hee and proposed a real estate consultative body involving the ruling party, opposition, and government," adding, "The Justice Party also agrees with the purpose." She stated, "The direction of real estate policy should be aimed at citizens without homes, not at cutting taxes for the wealthy and encouraging speculation. To address real estate issues, decisive measures must first be taken against lawmakers, local government heads, and local council members from both major parties who are suspected of real estate speculation."

Acting Leader Kim said, "Housing issues are not simply about residence but concern the dreams of our youth's future, and furthermore, are connected to marriage, childbirth, and maintaining South Korea's population. This is a very serious topic," adding, "It is not a matter of just giving houses to those without homes. With housing prices rising like this, no one can buy a house. What should we do? We must lower housing prices to normalize the market. We must not fall into the absurd slogan that housing prices have stabilized while maintaining these high prices." He continued, "I believe the ultimate goal for all parties and the government is to ensure that those who work and earn wages can save enough to purchase a home before it is too late. In that context, I proposed the formation of a consultative body involving the ruling party, opposition, and government."

Acting Leader Kim added, "Income polarization seems to have worsened during the COVID-19 pandemic. While there may be various value judgments depending on political factions, I hope that by stepping back and through parliamentary principles, the people can stabilize as quickly as possible."

Leader Yeo also expressed gratitude for the policy cooperation between the two parties regarding small business loss compensation related to COVID-19. He said, "It is fortunate that for the first time in a while, the People Power Party and the Justice Party have spoken with one voice to pass the COVID loss compensation law, which is a core livelihood issue," adding, "The constitution stipulates that if public policy infringes on property rights, appropriate compensation must be provided. However, the government and ruling party have shown hesitation, being led by the Ministry of Strategy and Finance, which is concerning."

In response, Acting Leader Kim said, "The issue of small business loss compensation due to business restrictions and bans caused by COVID-19 has been intensively raised for over 20 days by People Power Party lawmaker Choi Seung-jae, who has been conducting a tent sit-in," adding, "I am grateful that the Justice Party has supported this with the same spirit."

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