Lee Jae-myung: "Major Real Estate Reform... Ensuring Houses and Land Do Not Become Sources of Speculative Income" (Comprehensive)

Lee Jae-myung, the Democratic Party of Korea's presidential candidate, is waving to party members before giving a speech at the launch ceremony of the 20th presidential election campaign committee held on the 2nd at the Olympic Park Gymnastics Stadium in Songpa-gu, Seoul. Photo by the National Assembly Press Photographers Group

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, officially apologized on the 2nd for the real estate issues during the Moon Jae-in administration and promised a strong reform of the real estate system along with a large-scale supply of real estate. Lee emphasized, "I will ensure that houses and land do not become sources of speculative income."

Lee made these remarks during his speech at the launch ceremony of the election campaign committee held at KSPO Olympic Stadium in Songpa-gu, Seoul. He said, "I cannot help but feel sorry when I see people suffering from high housing prices. We have caused too much pain and frustration to the people due to real estate issues," and bowed his head 90 degrees while sincerely apologizing.

He added, "We failed to prevent real estate speculation, causing feelings of emptiness and frustration," and "Due to sluggish public office reform, we lost policy trust. Rapidly rising housing prices have led people to give up marriage, childbirth, and jobs. However, under the Lee Jae-myung administration, such things will never happen again," he emphasized.

Regarding real estate, Lee said, "Now is the right time for a major real estate reform as interest and support for the complete national recovery system of development gains are higher than ever," and "After taking office, I will prioritize strong and large-scale real estate reform." He also announced plans to promote institutional reforms such as ▲ strengthening the development gains recovery system ▲ and the price ceiling system during this regular National Assembly session.

Regarding the real estate supply issue, he said, "We will prepare large-scale supply measures that exceed general expectations in consultation with the party and government," and "We will massively supply high-quality basic housing where anyone without a home, including the middle class, can live for as long as they want at affordable rent."

Lee also stated, "We will undertake an unimaginable large-scale and rapid national investment," and emphasized, "President Park Chung-hee built the Gyeongbu Expressway, opening the path to manufacturing-centered industrialization. The Lee Jae-myung administration will install an 'energy expressway' to race through the decarbonization era and open a new future." Regarding social grand compromise, he stressed, "We will discuss sufficiently and attempt bold compromises, but if no results come out, the government will immediately do what needs to be done."

He said, "This presidential election is not simply an event to elect one new president," and "It is a critical matter that concerns the lives of the people and the fate of the nation," urging the democratic reform camp to unite. He added, "If we unite and fight together with the people, we can definitely win." He continued, "I, Lee Jae-myung, will take the lead," and "Even if I am torn on a thorny path while making a new way, I will turn the path the people walk into a flower road."

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