"Real Estate Performed Well Until June 2019... Losing Trust Was Painful"

Former Cheong Wa Dae Policy Chief Recommends Book and Shares Reflections
"Real Estate Policy Performed Well Until June 2019," Self-Evaluation

Former President Moon Jae-in stated on the 7th that regarding real estate policies during his tenure, "Above all, losing trust in the policies is the most painful."

Former President Moon Jae-in [Image source=Yonhap News]

On the same day, Moon posted on his Facebook, recommending the book "Real Estate and Politics" by former Blue House Policy Chief Kim Soo-hyun, who led real estate policies in the previous administration, and wrote as such.

Moon introduced the book as "a work by the author who was in charge of real estate policies as the Blue House Senior Secretary for Social Affairs and Policy Chief during the early Moon Jae-in administration, examining the real estate policies of the Moon Jae-in government," and evaluated it as "containing honest acknowledgment and reflection on mistakes, as well as harsh self-criticism."

Cover image of the book 'Real Estate and Politics' by former Blue House Policy Chief Kim Soo-hyun [Image source=Provided by May of Spring, Yonhap News]

He continued, "Until June 2019, when the author was responsible for real estate policies, Korea relatively managed well amid the global surge in real estate prices caused by excess liquidity," adding, "However, from the following year, massive monetary easing and ultra-low interest rates worldwide to respond to COVID-19 led to a sharp rise in real estate prices, and Korea was no exception. The period when there were many regrets in real estate policies was that time." He also said, "Although it was an unprecedented situation, there were policy mistakes and oversights," and "There were parts pushed by public opinion or populism. Above all, losing trust in the policies was the most painful," he added.

Finally, he said, "Now, real estate has grown beyond a housing issue to a problem of asset inequality and generational gap," and "Regardless of how one evaluates the Moon Jae-in administration's real estate policies, I recommend this book hoping it will serve as reflection and lessons."

In particular, former President Moon said, "His (former Chief Kim Soo-hyun's) reflections on the real estate issue are the same as mine," and "Because of the symbolic role of being in charge of real estate policies at the start of the government, he became a target of those attacking the Moon Jae-in administration's real estate policies, but he did not evade responsibility and wrote a painful book himself."

In response, Kim Ye-ryeong, spokesperson for the People Power Party, raised her voice, saying, "If one is a president, it is proper to admit mistakes and apologize to the people, but he posted a lengthy self-exculpatory message on his personal social media regarding the biggest failure, the real estate policy." She also said, "Like attracts like," adding, "Watching former President Moon and his aides, who throughout the last administration boasted with a completely detached perception from any failed policies, I lament that they were not fit to lead the country." She continued, "At this point, former President Moon should honestly confess that he 'does not want to be forgotten,'" and strongly criticized, "How should we deal with former President Moon, who uses the promotion of his aide's book to make himself an issue without showing repentance to the people?"

Meanwhile, the Board of Audit and Inspection last month requested the prosecution to investigate 22 people, including former Chief Kim, on charges of violating the Statistics Act, abuse of authority, and obstruction of rights. They are suspected of pressuring statistical agencies to manipulate statistics during the Moon Jae-in administration.

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