Lee Jae-myung: "Publicly Announced Price Realization Must Be Fully Reconsidered... Considering the Difficulties of the People's Economy"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, proposed a complete review of the real estate official price system. Following his mention on social networking services (SNS) the previous day, he insisted on the need to adjust the official price for two consecutive days.

On the 19th, after attending the '89th Memorial Ceremony for Patriot Yun Bong-gil at Maehun,' Lee told reporters, "Real estate prices have surged unexpectedly, causing the burden on the public to increase very rapidly," and said that the official price "needs to be adjusted."

He added, "We are requesting cooperation from the government, and considering that policies are meant to improve the lives of the people and alleviate difficulties, this is something that should be sufficiently reflected." The candidate had also mentioned on Facebook the day before that "the official price-related system should be thoroughly reviewed in consideration of the struggling livelihood economy."

Addressing the party and government, Lee said, "I hope measures will be taken to maintain property tax and health insurance premiums at this year's level," and stated, "The property tax, which uses the official price as the tax base, should postpone or readjust the plan to raise the 'fair market value ratio' so that the tax burden remains at a level similar to the current one."

He continued, "There is not much time left until the 2022 official price inspection and confirmation," and urged, "The party and government should promptly negotiate to freeze the public burden at this year's level and undertake reasonable system reforms to prevent excessive burdens or unfair situations."

However, Lee's proposal may cause conflicts between the party and the Blue House, similar to the issue of easing capital gains tax. This is because it could conflict with the Moon Jae-in administration's stance, which has been promoting the realization of official prices to curb real estate speculation. While it can be interpreted as a move to differentiate from the Moon administration, it remains to be seen whether it will be adopted as party policy.

Earlier, on the afternoon of the 18th, Lee said on Facebook, "The rise in real estate official prices leads to increased burdens such as property tax, health insurance premiums, and loss of welfare benefits. It is unfair to pass the burden caused by soaring house prices entirely onto the people."

Lee stated, "The goal of all policies is to reduce the pain and inconvenience of the people and to realize a better life and happiness for them," adding, "Policies should not make the people suffer more or face greater difficulties." He also said, "Politics exists for the people, so whatever the people demand and need should be done at any time."

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