Moon Government's 'Real Estate Failure' Apology by Lee Jae-myung... Opposition Criticizes as "Disembodied Rhetoric"

Lee Jae-myung "Feeling disheartened for failing to prevent real estate speculation
'Such incidents will not occur under the Lee Jae-myung government'
Criticism from opposition accusing it of trying to divert attention from Daejang-dong"

Lee Jae-myung, the Democratic Party of Korea's presidential candidate, is giving a speech at the launch ceremony of the Democratic Party's 20th presidential election campaign committee held on the afternoon of the 2nd at the KSPO Dome in Olympic Park, Songpa-gu, Seoul. / Photo by Yonhap News

[Asia Economy Reporter Lim Ju-hyung] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, officially apologized for the sharp rise in real estate prices and promised strong reforms. This is essentially an admission of the Moon Jae-in administration's failure in real estate policy. On the other hand, opposition parties criticized it as a "disconnected rhetoric" and urged a thorough investigation into the 'Daejang-dong development preferential treatment allegations' and other issues.

On the 2nd, during his speech at the launch ceremony of the election campaign committee held at KSPO Olympic Stadium in Songpa-gu, Seoul, candidate Lee bowed his head, saying, "I cannot help but feel sorry as I see the people suffering from high housing prices."

He continued, "We have caused too much pain and frustration to the people due to real estate issues," adding, "We failed to prevent real estate speculation, causing feelings of emptiness and frustration. Due to sluggish public office reforms, we failed to gain trust in policies. The rapidly rising housing prices have forced people to give up marriage, childbirth, and jobs."

This is interpreted as an admission of the failure of the Moon Jae-in administration's real estate policies. The current government has announced a total of 27 comprehensive real estate measures since 2017, but has been criticized for failing to curb the steep rise in housing prices in the metropolitan area.

Real estate listings posted last month at licensed real estate offices in Seoul. / Photo by Yonhap News

In response, candidate Lee drew a clear line, saying, "Such things will never happen again under the 'Lee Jae-myung government.'"

He emphasized again, "Now is the right time for a major real estate reform, as interest and support for the complete national recovery system of development profits are higher than ever," adding, "After taking office, we will prioritize and launch a strong and large-scale real estate reform."

◆Opposition: "A Masked Play Armed with a Thick Mask"

On the other hand, criticism poured in from opposition parties. They pointed out that it is a hollow pledge to divert public attention from the Daejang-dong development preferential treatment allegations in Seongnam, Gyeonggi Province.

Yang Jun-woo, spokesperson for the People Power Party, said in a statement, "Candidate Lee's launch speech was a masked play armed with a thick mask," and criticized, "The disconnected rhetoric of returning development profits to the people seemed like a confession revealing the problems of the Daejang-dong project."

Criticism from the party's presidential primary candidates also continued. Former Prosecutor General Yoon Seok-youl wrote on his Facebook, "Restaurant quota system, disaster relief fund of 1 million won to all citizens, etc., are all 'empty pledges' that have not been verified and whose feasibility is questionable," and pointed out, "They are holding a continuous 'empty pledge festival' to divert the public's attention from the Daejang-dong gate."

Former lawmaker Yoo Seung-min also criticized in an interview with CBS Radio, saying, "He often says 'I will give to all citizens,'" and added, "It is an intentional act of vote-buying with taxes."

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