President Lee Jae Myung said Sunday he has instructed his office and the Cabinet to exclude owners of multiple homes from making housing policies, as his administration cracks down on long-running housing speculation.
2. How is this related to the sub
(1) Housing crisis: President Lee Jae-myung accused “home-hoarding” officials of “conflict of interest” and ordered multi-home owners to be removed from housing policy decision making process.
3. My opinion
Lee’s “class war” against “home-hoarders” continues. He is blaming every socioeconomic ill of Korean society on real estate speculators, accused these old people destroying the future of the youth. He openly claim housing price must go down and willing to deploy all tools he have from financial restriction, public housing and possible new tax.
It seems that managed to create a small panic among real estate speculators with the rumored “full mask-off” coming after June local elections which would see the introduction of land value tax (this just a internet rumor and the government didn’t make any announcements). This is leading increased sell-off in highly speculative regions of Seoul such as Gangnam.
1 Comment
1. Summary
President Lee Jae Myung said Sunday he has instructed his office and the Cabinet to exclude owners of multiple homes from making housing policies, as his administration cracks down on long-running housing speculation.
2. How is this related to the sub
(1) Housing crisis: President Lee Jae-myung accused “home-hoarding” officials of “conflict of interest” and ordered multi-home owners to be removed from housing policy decision making process.
3. My opinion
Lee’s “class war” against “home-hoarders” continues. He is blaming every socioeconomic ill of Korean society on real estate speculators, accused these old people destroying the future of the youth. He openly claim housing price must go down and willing to deploy all tools he have from financial restriction, public housing and possible new tax.
It seems that managed to create a small panic among real estate speculators with the rumored “full mask-off” coming after June local elections which would see the introduction of land value tax (this just a internet rumor and the government didn’t make any announcements). This is leading increased sell-off in highly speculative regions of Seoul such as Gangnam.