People Power Party Floor Leader Song Eon-seok speaks at the party's internal policy meeting held at the National Assembly in Yeouido, Seoul on November 14. Yonhap News.

The People Power Party demanded on November 16 that the government withdraw its October 15 real estate measures, stating that clear policy failures have been proven in the month since their announcement.

Floor Leader Song Eon-seok criticized the measures in a Facebook post, calling them a policy that "kicked away the ladder" and further "jumbled the ladder," causing those on it to fall off a cliff.

He pointed out that "real estate polarization has rapidly intensified, with wealthy individuals buying high-priced apartments in the Han River belt, while the common people are forced to rent apartments and officetels out of necessity," adding that "especially with the omission of September statistics and the use of June-August data, residents of 10 regions in Seoul and Gyeonggi, which were included in the regulatory areas, are made into unfair scapegoats."

He urged the government to "withdraw the erroneous October 15 measures, which deny market principles and infringe upon fundamental rights, immediately, and present unconventional and effective supply measures."

Chief Spokesperson Choi Bo-yoon stated in a commentary that "The Lee Jae-myung administration's October 15 measures have turned the Seoul metropolitan area into a 'market where only housing prices are rampant on a trading cliff' in just one month," adding that "as the 'triple regulations' and high-intensity loan restrictions were pushed through all at once, the market has effectively been 'shut down'."

He evaluated that "only the wealthy individuals have managed to break through the regulatory net and set new record high prices, while the common people, youth, and genuine buyers have been pushed out of the market," and that "the expansion of the land transaction permit system, under the guise of preventing speculative investment, has acted as a bad move that kicks away the housing ladder for genuine buyers."

He further emphasized that "a 'balloon effect' where housing prices are actually rising in non-regulated areas such as Hwaseong, Guri, and Namyangju in Gyeonggi Province is clearly emerging," and that "what is needed now is not regulation, but a shift towards supply that allows genuine buyers to breathe."

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