Editorial: Non-Resident Deputy PM, Debt-Investment Land Minister: Policies Adrift

Lee Hyoung-il, Deputy Prime Minister for Economic Affairs and Minister of Finance and Economy nominee, and Hong Jee-sun, Minister of Land, Infrastructure and Transport nominee, have once again sparked controversy over their housing ownership histories. Lee held an apartment in Gyeonggi Gwacheon for 17 years but resided there for only four months. Hong purchased an apartment in Seoul's Sindorim-dong for 1.005 billion Korean won last year, financing more than half, 53.4 percent, of the purchase price through loans and debts, including borrowed funds from his mother-in-law. These individuals, who fit the government's definition of 'non-resident single homeowners' subject to punitive taxes and 'all-in debt investment' practices cited as root causes of speculative transactions, have been appointed as the leaders of real estate policy. This is not to reiterate discussions about high-ranking officials' 'do as I say, not as I do' hypocrisy or moral integrity verification. These are vivid examples of how complex and multifaceted the housing realities of individuals in our society are due to workplace assignments, education, and household financial circumstances. One might be unable to live in their own home due to transfers or postings, and it is common to leverage loans and family support to purchase a home. Yet, the government has stigmatized such individuals as 'bad single homeowners' or speculators solely because they took on debt or did not reside in the property, thereby proving the flaws of uniform regulations. If appointed, the two candidates will become the top policy duo leading future real estate policies. This personnel hearing should be an opportunity for them to demonstrate their will and alternatives to correct unrealistic policies by learning from their own cases. Real estate policies that have forced the public to adhere to strict standards of actual residence and debt investment, which are difficult even for high-ranking officials to meet, must now be redesigned to move away from ideology and flexibly and precisely reflect reality. Additionally, the two candidates should seriously listen to the anger of the younger generation watching this controversy. Beneath the anger felt by those in their 20s and 30s today lies a deep-seated despair that goes beyond rejection of the hypocrisy of high-ranking officials: 'Unlike you, we cannot even use debt investment or family advantages.' For young people blocked by layered financial regulations, with bank loans completely inaccessible and lacking family backgrounds that can readily lend hundreds of millions of won, the dream of owning a home feels like a mirage. It is crucial to soberly reflect on whether the spiderweb-like regulations aimed at curbing speculation are instead kicking away the housing ladder for ordinary citizens and young people. Rather than being preoccupied with merely crossing the threshold of the hearing, we hope measures will be prepared to lift oppressive regulations that strangle the lives of the people and allow young people and those without homes to steadily build assets and achieve their dream of owning a home.