President Yoon: 'Buying and selling houses is free, but the government determines profit and loss'
President Yoon expresses that while buying and selling homes is an individual's freedom, the government will dictate whether those transactions lead to profit or loss.
During his visit to Singapore, President Yoon Seok-yeol articulated his administration's stance on multiple housing and real estate speculation controversies, emphasizing that while individuals have the freedom to buy and sell properties, the government will ultimately decide the profit or loss from such transactions. He stated that moving forward, tax, financial policies, and regulations will be rigorously designed to ensure that past choices leading to losses are disincentivized.
President Yoon pointed to Singapore's example of managing a compact nation with a high per capita income without allowing its citizens to suffer from real estate speculation. He noted that the Singaporean government effectively supplies and manages public housing through the Housing and Development Board (HDB), demonstrating that with the right political will, it is possible to cultivate a successful housing market without speculation affecting national development. The president argued for a similarly strong regulatory approach in South Korea, to curb speculative demand by imposing stringent criteria on foreign and multi-home buyers.
Furthermore, President Yoon criticized the actions of politicians and governments that enable speculation by creating profitable environments for property accumulation. He reversed the blame from speculative individuals to the systems that allow such behavior, suggesting a shift in policy could curb speculation benefits. He suggested that by enforcing taxes, financial measures, and regulations, his administration aims to align housing ownership with community responsibilities, ultimately deterring speculation and promoting a healthier economic environment.