Jang Dong-hyuk: "Lee's real estate debate will become a parade of fools"

[Financial News] As President Lee Jae Myung said he would personally preside over a public real estate debate on the 23rd, People Power Party leader Jang Dong-hyuk criticized the plan, saying it would "end as a parade of fools filled with all kinds of wrong answers." He argued that it would amount to nothing more than a process to push ahead with the government's and ruling party's plans to raise property taxes, abolish the long-term holding special deduction, and impose punitive taxation.
At a Supreme Council meeting at the National Assembly on the 13th, Jang said, "It will be a debate where they only say what they want to say, justify real estate policy, and lecture the public." He added, "In the end, it will end with blaming homeowners for policy failure and stirring up public sentiment."
Jang also pointed out, "The mortgage loan limit was suddenly cut in half to 300 million won," calling it "the result of the Lee Jae Myung administration's loan-tightening policy."
He went on to say, "Young people and ordinary citizens have been hit like a bolt from the blue. End-users who had already paid their deposit and were preparing the final payment now have to borrow money from family, look for high-interest loans if that is not possible, or, if even that fails, face losing their deposit." He added, "After driving home prices to record highs and wiping out both Jeonse and monthly rent, they are now making it impossible to buy a home."
Jang said, "Instead of building a stronger housing ladder, they are kicking away even the ladder that people have been struggling to climb." He described the policy as "a real estate policy that cannot rein in home prices and only targets ordinary people and end-users."
He also said, "And now they are saying they will hold a real estate debate chaired by the president." He added, "What has President Lee Jae Myung been saying all along? He insisted that the Jeonse and monthly rent crisis was real estate normalization, and he said the record surge in home prices was a 'good showing.'"
Jang said, "The debate will end with a buildup for raising property taxes, abolishing the long-term holding special deduction, and imposing punitive taxation, while shifting the blame for policy failure onto homeowners and stirring up public anger." He added, "What the public wants is not a lecture. They want answers on how housing supply will be expanded, how the burden of Jeonse and monthly rent will be reduced, and how end-users will be protected."
He also urged the government to "apologize to the public for its failure in real estate policy and stop the tax bomb and overlapping regulations that take away people's homes. The real estate policy must be fundamentally shifted to focus on supply and the protection of end-users."
Floor leader Jeong Jeom-sik said home prices have soared since the Lee Jae Myung administration took office and criticized it, saying it is "being remembered as a real estate disaster administration, following the Roh Moo-hyun and Moon Jae-in governments."
Jeong argued, "The reason the Democratic Party's real estate disaster is being passed down for a third generation is simple. They are trapped in the dogma that rising home prices are caused by speculators, so they block private-sector supply expansion and stick to excessive regulation and tax hikes." He claimed, "This debate will end as a parade of fools filled with all kinds of wrong answers."
Finally, he appealed, "What the Lee Jae Myung administration needs is not a real estate debate." He said it should "clear away its ideology-heavy dogma, abolish the misguided excessive regulations imposed over the past year, and shift the direction of real estate policy toward expanding private-sector supply."
haeram@fnnews.com Lee Hae-ram Reporter