Jang Dong-hyuk, leader of the main opposition People Power Party, lashed out at the government's real estate policy, warning that "home prices across Seoul have rebounded except in Gangnam. A real hell is waiting."
"Is this Lee Jae-myung-style 'surgical strikes'?" Jang wrote on his Facebook page Monday. He took direct aim at the president, saying, "Gangnam, which he hates to death, has fallen, so perhaps President Lee Jae-myung is smiling." He added that the administration "insists to the bitter end that this is 'real estate normalization.'" Jang intensified his criticism, saying, "The mental state of believing this is normal is itself abnormal."
Sharing a news article on market outlooks following the expiration of the moratorium on the capital gains tax surcharge for multiple-home owners, Jang said, "Once the property capital gains tax surcharge begins today, [Seoul home prices] will rise further," and pointed out that "everyone is already pulling their listings off the market."
"The jeonse and monthly rent market has already gone as far as it can go," he continued. "Jeonse listings have dried up, and monthly rents have risen by hundreds of thousands of won compared to last year. In Gangbuk-gu, rents rose by 260,000 won to 990,000 won, and in Yongsan-gu, they jumped by 690,000 won to a staggering 3.13 million won." He also wrote, "Once the election (June 3 local elections) is over, they will raise the holding tax and abolish the special long-term holding deduction," adding, "A real hell is waiting."
Jang also referenced President Lee's private residence in Bundang, Seongnam, Gyeonggi Province, criticizing the delayed sale by asking, "Are you just going to keep advertising it and never sell it?"
