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“Claiming ‘Fewer Multi-Homeowners Won’t Raise Jeonse or Rents’… Joo Jinwoo Asks President Lee, ‘Then Why Did They Rise Throughout Your Term?’”

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"Claiming 'Fewer Multi-Homeowners Won't Raise Jeonse or Rents'... Joo Jinwoo Asks President Lee, 'Then Why Did They Rise Throughout Your Term?'"

Lee: “A decrease in multi-homeowners will push up jeonse and monthly rents? That is unreasonable” Joo Jinwoo: “A Lee-style ‘hereditary Seoul’ is becoming a reality”

People Power Party lawmaker Joo Jinwoo directly refuted President Lee Jaemyung’s claim that “it is an unreasonable argument to say that a decrease in multi-homeowners will cause a rise in jeonse and monthly rents.” He argued that if the president’s words were true, there would be no way to explain why housing prices and monthly rents have risen throughout his term.

On the 16th, Joo wrote on his social media (SNS), “President Lee Jaemyung has long claimed that tightening regulations on real estate loans and forcing actual residence would stabilize housing prices, but the results have been disastrous.”

Joo said that during this administration’s term, housing prices and monthly rents have soared, and that the statistics do not lie. He criticized, “It is not as if multi-homeowners suddenly appeared under this administration, so why did monthly rents skyrocket only during President Lee’s term? Lee-style policies have created a situation where, even if multi-homeowners sell their homes, only those rich in cash can buy them. In Seoul, jeonse listings have dried up.”

He also explained that the burden of monthly rent is particularly heavy for newlyweds and the younger generation, who lack cash. Joo said, “People should not have their freedom of residential mobility restricted according to their level of wealth. A Lee-style ‘hereditary Seoul’ is being created,” adding, “Increases in real estate-related taxes have been passed on to monthly rents. On top of that, borrowing and flooding the market with money have also stoked inflationary sentiment.”

On the 16th, President Lee Jaemyung wrote on his X (formerly Twitter), “Some argue that multi-homeowners supply rental properties, and that if rentals decrease because multi-homeowners sell, jeonse and monthly rents will rise, so we should encourage and protect multi-homeownership and even provide tax, financial, and other benefits.”

He continued, “First of all, if the number of multi-homeowners decreases, the number of people without homes, that is, rental demand, will decrease by that much, so this argument is unreasonable,” adding that housing rentals should, as much as possible, be entrusted to the public sector.

Joo had also pointed out on the 14th that the surge in monthly rents is a blind spot in the Lee Jaemyung administration’s real estate policy.

That day, through his SNS, Joo addressed President Lee, who had described himself as a “single-homeowner,” saying, “I have no intention of forcing President Lee to sell his house. Please fully enjoy the reconstruction profits after you leave office.”

Joo said it is necessary to explain what is different between the real estate policies of the Moon Jaein administration, when housing prices soared, and the current policies. He stated that President Lee Jaemyung’s real estate policies have led to a surge in monthly rents, saying, “This is the aftermath of excessive loan and demand suppression.

Ordinary people are suffering from the balloon effect,” and pointed out, “When he ran for the National Assembly, President Lee promised the public he would sell his house. He even put it on the market. This is not something he can now reverse and still speak loudly about.”

He also criticized the fact that a significant number of senior officials in the Lee administration own multiple homes. Joo said, “Even as the policymakers confidently assert that housing prices will fall, not even President Lee himself is selling his ‘own vacant house,’” adding, “Who can trust such policies? They are following the Moon administration’s failures. This cannot be resolved with patchwork stopgap measures.”

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