Jin Sung-jun, chairman of the policy committee of the Democratic Party of Korea, on the 26th commented on the recent surge in apartment prices in Seoul, saying, "The Yoon Suk-yeol administration has completely overlooked large-scale supply plans such as the 3rd new town, public redevelopment, and urban complex development that were announced in response to the real estate crisis during the latter part of the Moon Jae-in administration," and emphasized that "the previously announced housing supply plans must be thoroughly reviewed and swiftly implemented again."
On that day, Jin held a press conference at the National Assembly in Yeouido, Seoul, stating, "There are government diagnoses indicating that a supply shortage will emerge starting next year."
Chairman Jin emphasized in response to opinions from some members of the Presidential Committee on Policy Planning, who are playing a role in the transition committee of the Lee Jae-myung administration, suggesting that "we should now avoid supply-focused measures such as the development of new towns around the metropolitan area," saying, "I do not agree with that view. If necessary, we should be able to proceed with new towns as well."
He diagnosed that "the rise in apartment sales prices, which started with the designation of the land transaction permit zone by Oh Se-hoon, mayor of Seoul, is spreading across the city," adding, "What is concerning is that the gap investment ratio among transactions has rapidly increased to 40%, indicating a quick rise in speculative demand."
He noted that "the Yoon Suk-yeol administration's failure to normalize the loan management regulations that were relaxed during the 2022 interest rate hike, even after the interest rate cuts began in 2024, led to a surge in housing prices and a rapid increase in household debt," and stated, "The lax loan system must be promptly normalized."
He further stated that "to stabilize the housing market, we must comprehensively diagnose the three key elements: supply, demand, and financing, and present tailored and sophisticated measures," adding, "The government should accelerate the normalization of loan regulations and the revitalization of the capital market, considering various aspects such as the financial environment, household debt management, protecting genuine buyers, and the polarization between Seoul and local areas."
He also added, "Loan regulations can be pushed forward as government guidelines or, if necessary, through legislation. The government should take swift action on this matter."
The Democratic Party also stated that it would process controversial bills that were discarded by the veto power exercised by former President Yoon Suk-yeol, such as the amendment to the Commercial Act, within the June special session.
Chairman Jin mentioned, "We have a target to promote a total of 40 bills during the June special session, including 13 bills the Yoon administration exercised its veto on, 16 bills that both parties promised during the presidential election for public livelihood, and 11 bills related to public livelihood that the Democratic Party thinks should be promoted swiftly."
As major bills being promoted, he indicated the amendment to the Commercial Act stipulating the fiduciary duty of directors to shareholders, the four agricultural laws including the Grain Management Act, the Yellow Envelope Act enhancing basic rights of subcontracted workers, the local educational finance grant-in-aid law concerning free high school education, the Elementary and Secondary Education Act allowing the use of artificial intelligence (AI) textbooks as reference materials rather than textbooks, and the Freight Transportation Act reintroducing safety freight rates.