“You Have No Intention of Curbing Housing Prices”... Even Han Moon-do, Who Supported the Lee Jae Myung Administration, Laments

[Financial News] Han Moon-do, an adjunct professor in the Department of Real Estate Investment Analysis at Myongji University who supported the Lee Jae Myung administration’s real estate policies from the outset, expressed strong concern over the government’s housing-price measures as apartment prices in Seoul continued to rise for more than 80 weeks.

Professor Han appeared on YTN (Yonhap Television News) radio’s “Saengsaeng Economy” on the 10th and recalled the time when the government announced its tax-reform plan. He said, “I strongly criticized it because I came to the conclusion that these people had no intention of curbing housing prices,” adding, “I have the feeling that entrenched interests and cartels are now moving very aggressively.”
In particular, he pointed out that the government’s measures did not sufficiently reflect market realities. Using a soccer field as an analogy, Professor Han explained the limitations of the policy, saying, “If you decide that people cannot play in the mud, you have to provide a grass field. If you do not provide one and simply say not to play in the mud, where are they supposed to play?”
He also cited the lack of measures for the jeonse and monthly-rent market as a problem. Professor Han said, “It is also a problem that there are no measures for the jeonse and monthly-rent market, and the public cannot accept this,” adding, “If the conclusion is that supply was insufficient, the government should consider measures to stabilize jeonse and monthly rents. Instead, it feels forced.”
He further argued that the president needed to make a decision regarding a possible confrontation between the government and entrenched interests. Professor Han said, “The construction-and-development cartel is still alive in the country, and when politicians approach elections, isn’t that the sector that provides the most financial support?” He raised his voice, adding, “The only person who can break this is the president.”
He continued, “If the business is not working and units are not selling, they should shut down. Why do they keep dragging things out instead of closing?” He added, “I sincerely hope the president will reflect once again, return to his original principles, and formulate policies accordingly.”
Other real estate experts who had been sympathetic to the government also expressed concern about its policies. Lee Kwang-soo, head of Gwangsu’s Real Estate Agency, criticized the government’s response as complacent. Lee said, “The government’s attitude is complacent,” adding, “If this continues, real estate prices will surge.”

Kim Inman, head of the Kim Inman Real Estate Economy Research Institute, also raised concerns about the policy approach of treating even single-home owners as speculative demand. Kim said, “I believe single-home owners must not be touched under any circumstances, yet even non-owner-occupied single-home owners are being treated as speculators,” adding, “I cannot shake the thought that this may have been a reform launched without adequate preparation.”
He warned that people without homes and tenants could instead end up shouldering the burden of the policy. He said, “The people who should be protected and who form the administration’s support base are tenants and people without homes, but they are actually being driven to the brink,” adding, “Real estate reform should have been pursued gradually over 10 or 20 years so that our society could fully absorb it, but it was pushed ahead too hastily.”
[email protected] Ahn Ga-eul Reporter