Jang Dong-hyeok: “All talk of ‘just build,’ yet dropping a bombshell with the reconstruction excess-profit recapture system ... Korea will be left in ruins”

[Financial News] People Power Party leader Jang Dong-hyeok said on the 12th, addressing President Lee Jae Myung, that “while he shouts ‘just build’ with his mouth, he has dropped a bombshell with the Reconstruction Excess Profit Recovery System (the recapture system),” and claimed that “if things continue this way, the Republic of Korea will be left in ruins.”
Jang said at a Supreme Council meeting at the National Assembly that “with reconstruction hamstrung by the recapture system, even reconstruction—the core of housing supply—is set to grind to a halt, one project after another.”
Commenting on the eruption of disagreement within the Democratic Party of Korea over tightening the Comprehensive Real Estate Holding Tax for owners of a single home who do not live in it, Jang said, “The Democratic Party, which couldn’t utter a peep when the president’s approval rating was high, has now turned against the real estate tax bomb,” and criticized it as “a sham that ignores the fundamental issue.”
Jang said, “President Lee Jae Myung said normalizing the real estate market would be easier than restoring valleys, but now it looks as though people will have to pitch tents in valleys and live in them in the dead of winter,” and challenged him: “Jeonse and monthly rents are both soaring, and housing for ordinary people is on the verge of collapse. Is this what the president calls normalizing the real estate market?”
He continued, “Meanwhile, the president threatened that ‘if you’re caught engaging in illegal real estate activities, you’ll be ruined.’ Is the illegal building extension by Prime Minister Han Seong-sook not an illegal act? Is Kang Shin-chul’s bogus address registration—‘Kang Shin-chul the demolition evacuee,’ a mash-up of Kang Shin-chul, the defense minister, and demolition evacuees—legal? Allegations of farmland speculation have also been raised against Lee Yong-cheol, the nominee for Minister of Justice. When will these people be ruined?”
Jang raised his voice, saying, “Above all, isn’t the president ashamed of his own ‘Democratic Party mortgage lien’? The people are ruined while those in power live comfortably under protection. If the Lee Jae Myung administration does not change its real estate policy, the people must change the government.”
[email protected] Lee Hae-ram Reporter