KB News Desk
People Power Party leader Rep. Jang Dong-hyeok on Tuesday continued the attack on the administration, saying that the people will “send the administration to hell” for creating “real estate hell.”
“The administration created a ‘real estate hell’ for the people,” Jang wrote in a Facebook post Tuesday. “Yet it shows no remorse or shame. The people will now send this administration to hell.”
Jang’s remarks came after a public debate chaired by Prime Minister Han Seong-sook on Monday.
During the debate, Financial Services Commission Chairman Lee Eog-weon said, “Even a slight easing of lending restrictions, in a market already suffering from insufficient supply and excessive liquidity, would stimulate the housing market again, creating a vicious cycle of rising prices.”
Jang questioned the argument, saying, “The reason for shortages in housing supply is the administration’s tyrannical restrictions on redevelopment and reconstruction projects.”
“The reason for high market liquidity is the administration’s blind injections of money into the market,” he added.
Jang said that Lee administration’s refusal to ease lending restrictions “even to the slightest degree” is the equivalent of a death sentence granted to young people and low-income households.
He also criticized Land Minister Kim Yun-duk’s proposal, mentioned during Monday’s debate, to increase the supply of non-apartment housing by converting commercial properties and offices into residential units.
“The prime minister and ministers should try living in those buildings first,” Jang said.
Jang also pointed to rising housing costs in Seoul, saying the average jeonse, or large lump-sum deposit, for apartments in the capital had surpassed 700 million won ($477,000) for the first time.
He added that available listings have become extremely difficult to find.
The Bank of Korea’s housing price outlook index for July stood at 127, its highest level since September 2021. An index exceeding 100 indicates that house prices are forecast to rise in a year.
Jang cited the figure as evidence that consumers expect home prices to continue rising sharply.
Jang further accused President Lee Jae Myung of using a maximum-amount mortgage arrangement when selling his apartment and securing “windfall income.”
He also condemned Lee for pushing the rise of property holding taxes and the abolition of special tax deduction for long-term property holdings, right after selling his own home. Property holding taxes refer to the sum of property tax and real estate holding tax.
