President Lee Jae Myung stated on the 30th, “We must prepare a system to mass-purchase homes below a certain standard for public housing reserves in case housing prices plummet due to early mass supply, suppression of speculative demand, loan defaults caused by high interest rates, and a surge in auctions.” This is interpreted as meaning that if housing prices collapse and a flood of distressed sales or auction properties emerges, government agencies could mass-purchase these homes and supply them as public rental housing for vulnerable groups.
Posted by Freewhale98
1 Comment
1. Summary
Just like Trump going on insane social media rants as his Hormuz war falters, Lee Jae-myung seems to be becoming increasingly delusional as he loses his war on real estate speculation. He is ranting and raving about a “Bubble Bust” on social media even as housing prices in Seoul continue to peak.
2. How is this related to the sub?
(1) Housing crisis
3. My opinion
With his new tax plan, more homes are coming onto the market, but prices have yet to drop. I am not even sure whether the increase has stopped. There are reports that some high-priced homes in Gangnam have gone down in price, but those reports are still unconfirmed.
Meanwhile, rents are getting out of control as the jeonse system collapses, leading young people to buy homes prematurely.