Ruling and Opposition Parties Clash Over Real Estate Policy... Min Byungduk: "Democratic Party’s Commitment to Supply Is Firm" vs Kim Eunhye: "Government Must Resist Temptation to Control Market"

TV Debate Hosted by the National Election Debate Commission

Ruling and Opposition Parties Clash Over Responsibility for Supply Shortages

At the real estate policy forum, key policymakers from both ruling and opposition parties engaged in heated debates over responsibility for market instability and proposed solutions. The Democratic Party of Korea stressed the government's commitment to housing supply, while the People Power Party advocated for restoring the housing mobility ladder. Progressive parties such as the National Revolution Innovation Party criticized the Democratic Party for partially retreating from its comprehensive property tax stance.

On September 9, the National Election Broadcasting Debate Commission held a discussion on KBS, inviting seven political parties eligible for state subsidies to debate "Each Party’s Position on Housing Price Stabilization Policy" and "Plans to Expand Housing Supply."

Min Byungduck, Senior Vice Chair of the Policy Committee of the Democratic Party of Korea, stated at the forum, “The Lee Jaemyoung administration promised the supply of 1.35 million housing units less than three months after taking office in September last year and pledged '1.5 million plus alpha units' with the August 3 measures." He further clarified, “Since numbers can be misleading, we set the supply benchmark as ground-breakings.” He underscored, “The Democratic Party’s commitment to supply is strong.” Additionally, Min expressed, “We empathize deeply with the issue of rising rental prices.”

Yoon Jongo of the Progressive Party (from left), Min Byeongdeok of the Democratic Party of Korea, Cha Ho spokesperson of the Reform New Party, Kim Eunhye of the People Power Party, Kim Bokyung, Chair of Innovation Progress of the Social Democratic Party, Oh Junho, leader of the Basic Income Party, and Cha Gyugeun of the National Innovation Party are posing ahead of a discussion at the 1st policy forum of 2026 on "Housing Price Stabilization Policy and Housing Supply Expansion Measures" held on the 9th at the KBS Annex in Yeouido, Seoul. Yonhap News

In contrast, Kim Eunhye, Chair of the National Normalization Policy Coordination Committee of the People Power Party, said, “There is one rule in Korea’s real estate market: When the left is in power, real estate prices surge.”

Kim also cited soaring housing prices and tighter loan regulations, stating, "If you look at the mortgage limit at commercial banks, they now only lend 300 million won out of an 1.1 billion won house, so where does the other 800 million come from?" She continued, "For a salaried worker earning a post-tax annual salary of 40 million won, it would take 27 years of saving without spending a single won to come up with that money." She criticized the heavy tax burden, adding, “People say, ‘If you buy, there is the acquisition tax; if you live, there is the holding tax; if you sell, there is the capital gains tax; and if you die, there is the inheritance tax,’ and this is again circulating.” Kim emphasized, “The People Power Party has a clear principle: The government must resist the temptation to control the market, because that is what caused these problems.”

Next year’s proposed revisions to the tax code, including comprehensive real estate tax changes, also became a point of dispute. Min rebutted the “tax bomb” argument, saying, “Those who don’t pay taxes are the ones worrying about those who pay a lot,” and explained, “The opposition calls it a tax bomb, but in fact, only a small number of high-priced home owners—those whose property value exceeds 4 to 5 billion won—will see their taxes rise, while for those below that threshold, the comprehensive real estate tax will actually decrease.”

On the other hand, Cha Gyugeun, Supreme Council Member of the National Revolution Innovation Party, insisted, “We must set a target for the effective real estate holding tax rate, and legislate a roadmap for its gradual strengthening over a period of 10 years and announce it publicly.” He emphasized that it is necessary to curb the expected return on real estate via the tax system. Oh Junho, leader of the Basic Income Party, also stated, “As seen from the drop in Gangnam housing prices, the effectiveness of the holding tax is clear.”

There was also contention regarding responsibility for the housing supply shortage.

Min argued, “All root causes arise from inadequate supply,” and pointed out, “From 2022 to 2024, the supply cliff is now resulting in a sharp decrease in occupancy volume.” He attributed responsibility for the supply shortage to the previous administration of former President Yoon Suk Yeol.

Kim countered this by claiming, “From 2022 during the previous administration, the largest-ever number of permits were granted, and the current government is measuring by groundbreaking, so it can take the credit.” She also argued, “How could groundbreakings have been possible if the Moon Jae In administration failed to grant permits two to three years ago?”

This content was produced with the assistance of AI translation services.