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🇰🇷 South Korea /Economy & Trade

People Power Party Leader Slams Administration: 'They Don't Understand... Seoul is Already Hell'

From Dong-A Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources Context piece
  • Jang Dong-hyuk, leader of the People Power Party, criticized the current administration and the Democratic Party for failing to stabilize housing prices.
  • He accused the ruling party of being unresponsive to the public's concerns, citing an instance where they allegedly responded to calls for price control by asking if people wanted prices to rise.
  • Jang expressed strong dissatisfaction with the housing market situation in Seoul, calling it a "hell" and predicting further price increases due to the end of a tax deferral policy.

Jang Dong-hyuk, the leader of the People Power Party, has sharply criticized the current administration and the Democratic Party, accusing them of failing to address the escalating housing crisis in Seoul. In a strong statement, Jang conveyed the frustration felt by many citizens who are struggling with skyrocketing property values.

We told them to stabilize housing prices, but they retort, 'Do you want them to rise?' We just can't communicate.

· Jang Dong-hyukCriticizing the government's response to calls for controlling housing prices.

"We told them to stabilize housing prices, but they retort, 'Do you want them to rise?'" Jang Dong-hyuk stated, lamenting the perceived disconnect between the ruling party and the reality faced by ordinary people. He urged the administration to step outside the echo chamber of its staunch supporters and engage with the public, even suggesting they visit local real estate agencies to gauge the true market sentiment.

Pull yourselves together. Seoul is already hell.

· Jang Dong-hyukExpressing extreme dissatisfaction with the current housing market situation.

Jang did not mince words when describing the situation in the capital, declaring, "Seoul is already hell." His remarks underscore the dire circumstances for those aspiring to homeownership or facing exorbitant rental costs. The recent expiration of the tax deferral policy on property gains is a particular point of contention, with Jang predicting that this will inevitably lead to further price hikes as sellers withdraw their properties from the market.

If the heavy capital gains tax is implemented, prices will rise further. Everyone is withdrawing their listings.

· Jang Dong-hyukExplaining the expected impact of the end of the tax deferral policy on housing prices.

The leader of the People Power Party also pointed to the severe impact on the rental market, noting that "there are no more jeonse" (lump-sum key money deposits) and that monthly rents have significantly increased compared to the previous year. This comprehensive failure in housing policy, according to Jang, demonstrates a profound lack of understanding and action from the current government, leaving citizens in an increasingly desperate situation.

Jeonse is extinct, and monthly rents have increased by hundreds of thousands of won compared to last year.

· Jang Dong-hyukDescribing the worsening conditions in the rental market.
About this summary

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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