People Power Party leader Jang Dong-hyeok launched a sharp attack on the Lee Jae Myung administration's real estate policy Monday, accusing the government of blocking housing supply, flooding the market with liquidity and then tightening loan rules.
Jang made the remarks on his Facebook page, targeting comments by Financial Services Commission Chairman Lee Eok-won at a real estate forum chaired by the prime minister on Monday. Lee said that easing lending even slightly — under conditions of insufficient supply and excessive market liquidity — would re-stimulate the housing market and create a vicious cycle of rising prices.
"The reason supply is insufficient is the real estate tyranny of this administration, which has frozen redevelopment and reconstruction projects across the board," Jang said. "The excess market liquidity is also the result of this administration recklessly pumping out money without thinking ahead."
"In the end, after wrecking everything themselves, they say they won't ease lending even 'a little,'" he said. "It is telling young people and ordinary citizens to drop dead."
Jang also took a swipe at Land, Infrastructure and Transport Minister Kim Yun-deok over remarks about boosting the supply of non-apartment housing. "They say they will increase housing by converting shops and offices," he said. "The prime minister and ministers should go live there first."
Jang blamed the government for recent instability in the jeonse market as well. Seoul jeonse prices have broken 700 million won ($478,000) for the first time, he said, adding that even finding a listing is nearly impossible. He also cited the Bank of Korea's July housing price outlook index, which hit its highest level since September 2021 — a span of four years and 10 months — as a sign that home prices will continue to surge.
Jang also directed criticism at President Lee Jae Myung, saying Lee had used a mortgage to collect unearned income and was now pushing for higher property holding taxes and the abolition of a long-term ownership deduction immediately after selling his own home.
"This is a 'rules for thee, not for me' administration that has condemned the people to a real estate hell with no remorse and no shame," Jang said. "The people will send this administration to hell."
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