Jung Jeom-sik, the floor leader of the People Power Party, criticized the government's real estate measures announced on August 13, calling it a "rehash of the same content" and warning that if it continues to rely on "deceptive numerical games," it will lose public trust. He has consistently labeled the new measures as "meaningless" and has intensified his attacks on the government.
During a policy meeting at the National Assembly on August 14, Jung stated, "The government boasts of over 1.5 million housing units being supplied, but 1.35 million of these are recycled from the public housing supply plan announced in the September 7 measures last year."
On the previous day, the government unveiled plans to quickly supply housing to stabilize the rental and sales markets, along with comprehensive financial measures for the real estate market. The plan includes the release of at least 230,000 additional housing units in the metropolitan area through the lifting of development restrictions, with an initial supply of 27,000 units in three locations: Yeomchang Park in Gangseo District, Wabu in Namyangju, and the station area in Gwangju, Gyeonggi Province. The government also plans to announce new land for 73,000 housing units.
Jung further pointed out, "In addition to the 1.35 million units, they claim to secure an additional 240,000 units, including 100,000 new sites. However, they have only disclosed the locations for 27,000 units in Gangseo, Namyangju, and Gwangju, leaving the rest undecided and unclear." He criticized the government for presenting complex numbers while only providing 1,000 units in Gangseo for urban areas where housing supply is urgently needed, calling it a "deceptive numerical game to mislead the public."
He also noted the absence of policies addressing unsold properties in rural areas or the liquidity issues facing local construction companies, urging the government to recognize the stark realities between the metropolitan area and the provinces. He called for measures to resolve unsold properties in rural areas and stimulate the economy, stating, "The government should provide stable supply signals through the revitalization of reconstruction and redevelopment in the metropolitan area, while promoting private demand in rural areas through easing regulations on multiple homeownership and financial support."
Seoul Mayor Oh Se-hoon also attended the meeting, emphasizing that the government must fundamentally change its direction on real estate policy. He called for bold regulatory improvements to enhance project viability and speed, particularly urging a comprehensive review of the "residential occupancy policy" that disrupts the rental market and exacerbates public suffering.
Regarding the increased tax burden on long-term homeowners, he stated, "Reducing tax benefits and increasing the tax burden on those unable to live in their homes due to circumstances amounts to a property tax increase. This violent taxation, which shifts the responsibility for policy failures onto the public, must stop."
* This article has been translated by AI.
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