{"product_id":"164653","title":"Real Estate and Politics ","description":"\u003ccenter\u003e\u003cdiv style=\"text-align:center\"\u003e\u003cimg src=\"https:\/\/tmgdisk01.cafe24.com\/images\/vs\/4172\/sv\/3jYFtwm0nhRwwV3qT0DoTqFSt0o2xZ.png?v=1764974915\" style=\"max-width:100%;max-height:10px\"\u003e\u003c\/div\u003e\u003c\/center\u003e\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\u003ccenter\u003e\n\n\u003cdiv style=\"width:95%\"\u003e\n\n\u003cdiv style=\"text-align:center;font-size:30px;font-weight:bolder;line-height:1.6em\"\u003e Real Estate and Politics \u003c\/div\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cdiv style=\"border-bottom:1px;border-bottom-style:dotted;border-color:;padding-bottom:20px\"\u003e\u003ccenter\u003e\u003ctable align=\"center\" width=\"100%\"\u003e\u003ctbody style=\"border:0px\"\u003e\n\n\u003ctr\u003e\u003ctd align=\"center\" style=\"line-height:1.2em;text-align:center;font-size:18px;color:black;font-weight:bold;padding-bottom:20px;\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\n\n\u003ctr\u003e\u003ctd style=\"text-align:center\"\u003e\u003cimg src=\"https:\/\/image.yes24.com\/goods\/122589260\/XL\" style=\"max-width:100%;height:auto\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\n\n\n\u003c\/tbody\u003e\u003c\/table\u003e\u003c\/center\u003e\u003c\/div\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cdiv style=\"width:95%;{split_style6}padding-top:20px;padding-bottom:20px\"\u003e\n\n\u003cdiv style=\"text-align:left;font-size:16px;font-weight:bold;padding-bottom:20px\"\u003e Description \u003c\/div\u003e\n\n\u003cdiv style=\"text-align:left;word-break:break-all;font-size:14px;line-height:1.6em;\"\u003e\n\n\u003cdiv\u003e\u003ch5\u003e \u003cb\u003eBook Introduction\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e\u003cdiv\u003e \u003cb\u003eWhy couldn't the Moon Jae-in administration control housing prices?\u003cbr\u003e What is the responsibility of the Moon Jae-in administration?\u003cbr\u003e What should Korean society reflect on?\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003e The Moon Jae-in administration failed to control housing prices. \u003cbr\u003eIt wasn't just that they couldn't catch it, there were many apartment complexes that had jumped more than double.\u003cbr\u003e The deposit also rose sharply in succession.\u003cbr\u003e There is no excuse for this.\u003cbr\u003e The people were frustrated and angry.\u003cbr\u003e Eventually, the regime changed, and many people pointed to the real estate issue as one of the reasons.\u003cbr\u003e\u003cbr\u003e Why haven't housing prices been stabilized? Whatever the reason, the Moon Jae-in administration's responsibility remains unchanged, but it's still important to understand the root cause.\u003cbr\u003e Everyone says the policy is flawed, but what exactly is wrong? We need to learn a proper lesson.\u003cbr\u003e\u003cbr\u003e A serious look back at why the Moon Jae-in administration's real estate policies failed is essential for the development of Korean society.\u003cbr\u003e Someone like me who is being criticized by everyone needs to speak up first. \u003cbr\u003eYou can use any expression you like - 'reflection,' 'confession,' 'introspection,' etc. - but I believe that revealing the thoughts of those who were deeply involved and concerned at the time will be helpful to our society.\u003cbr\u003e -In the text\u003c\/div\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cul\u003e\u003cli\u003e You can preview some of the book's contents.\u003cbr\u003e \u003cspan\u003ePreview\u003c\/span\u003e\n\n\u003c\/li\u003e\u003c\/ul\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cbr\u003e\u003cdiv\u003e\u003ch5\u003e \u003cb\u003eindex\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e In publishing the book\u003cbr\u003e The Moon Jae-in administration's real estate setbacks demand responsibility and reflection.\u003cbr\u003e Why the Moon Jae-in Administration Failed to Control Housing Prices | For Healthy Debate and Discussion | Real Estate and Politics: A Reality We Want to Deny\u003cbr\u003e\u003cbr\u003e \u003cb\u003ePart 1: The Moon Jae-in administration's real estate policy setbacks\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e Chapter 1 What Happened to Real Estate?\u003cbr\u003e : Soaring housing prices and public anger\u003cbr\u003e\u003cbr\u003e House prices have doubled.\u003cbr\u003e * Look closer: Real estate statistics that even the government can't trust?\u003cbr\u003e 28 large and small real estate measures\u003cbr\u003e The division and wounds left by skyrocketing housing prices\u003cbr\u003e\u003cbr\u003e Chapter 2: Why Did the Moon Jae-in Administration Fail to Control Housing Prices?\u003cbr\u003e : Incompetent or inadequate?\u003cbr\u003e\u003cbr\u003e It was a difficult situation\u003cbr\u003e Is the Moon Jae-in administration incompetent or inadequate? \u003cbr\u003eTheory of Intention | Theory of Incompetence | Theory of Inadequacy | It was a difficult situation, but if only we had done better...\u003cbr\u003e * Look closer: The undersupply theory and the demonization of multiple homeowners.\u003cbr\u003e Four Responsibilities of the Moon Jae-in Administration\u003cbr\u003e Real estate lending should have been curbed more strongly | Supply anxiety was not quickly alleviated | Trust in real estate regulation was lost | Policy leadership faltered\u003cbr\u003e To avoid this from happening again\u003cbr\u003e * Look closer: My mistakes and responsibilities\u003cbr\u003e\u003cbr\u003e \u003cb\u003ePart 2.\u003cbr\u003e Let's take a closer look at the real estate issue.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e Chapter 3: The recurring real estate problem\u003cbr\u003e : Why do house prices keep rising and falling?\u003cbr\u003e\u003cbr\u003e I had the same experience again\u003cbr\u003e Over the past 30 years, the world has experienced three waves.\u003cbr\u003e Fear: Between FOMO and FOOTBALL\u003cbr\u003e The structure of rising and falling house prices\u003cbr\u003e * Look closer: Are house prices due to supply or interest rates?\u003cbr\u003e\u003cbr\u003e Chapter 4: Leave real estate to the market?\u003cbr\u003e : But the government should take responsibility.\u003cbr\u003e\u003cbr\u003e Market, market, market!\u003cbr\u003e Anti-market theories become weapons of incitement\u003cbr\u003e Why does the government lie? \u003cbr\u003e* Look closer: Is real estate policy driven by ideology? NO.\u003cbr\u003e\u003cbr\u003e Chapter 5: Only regulation and no supply?\u003cbr\u003e : Is it undersupply or overdemand?\u003cbr\u003e\u003cbr\u003e Are house prices rising due to insufficient supply?\u003cbr\u003e How to properly increase urban supply\u003cbr\u003e Is it possible to reserve land in advance?\u003cbr\u003e \"Home is not bread\": Things to consider in the context of supply shortage theory\u003cbr\u003e\u003cbr\u003e Chapter 6: Real Estate Taxes That Everyone Is Dissatisfied With\u003cbr\u003e : Was it a problem because it was high or because it was low?\u003cbr\u003e\u003cbr\u003e Can we control house prices with taxes or not?\u003cbr\u003e The origin of the politics of property tax is President Park Chung-hee.\u003cbr\u003e * Read More: Why We Still Need a Comprehensive Real Estate Tax\u003cbr\u003e Property tax populism\u003cbr\u003e * Read more: Landholding Tax and Basic Income\u003cbr\u003e Transfer tax that can be avoided\u003cbr\u003e Real estate taxes: The biggest problem is loss of trust.\u003cbr\u003e\u003cbr\u003e Chapter 7: Why Finance is Key\u003cbr\u003e : When money overflows, house prices rise.\u003cbr\u003e\u003cbr\u003e House prices and money prices move in opposite directions.\u003cbr\u003e The aftershock of housing prices brought on by COVID-19\u003cbr\u003e Korea followed the same path.\u003cbr\u003e Have you neglected real estate to defend the economy? \u003cbr\u003e* Look closer: Even then, interest rates were the main character.\u003cbr\u003e * Look closer: The arguments for loosening lending regulations during the election season, amid soaring housing prices.\u003cbr\u003e\u003cbr\u003e Chapter 8: The Two Faces of Multi-Homeowners\u003cbr\u003e : The culprit or the scapegoat?\u003cbr\u003e\u003cbr\u003e Did private rental businesses raise housing prices?\u003cbr\u003e Opaque rental market reform and my responsibility\u003cbr\u003e Not everyone can live in my house\u003cbr\u003e How to Coexist with Multi-Homeowners\u003cbr\u003e * Read more: Villa King and the Jeonse Fraud\u003cbr\u003e\u003cbr\u003e Chapter 9: The Illusion of \"Half-Price Apartments\"\u003cbr\u003e : Real estate populism like a drug\u003cbr\u003e\u003cbr\u003e More, cheaper\u003cbr\u003e There is no such thing as a free lunch.\u003cbr\u003e The ultimate populist: half-price apartments\u003cbr\u003e There is no dream housing policy.\u003cbr\u003e\u003cbr\u003e Chapter 10: Is Public Rental Housing No Longer Needed?\u003cbr\u003e Young people who want to own their own home rather than rent\u003cbr\u003e\u003cbr\u003e Is it public rental housing or public housing?\u003cbr\u003e The more unstable the housing prices, the more public rental housing\u003cbr\u003e In reality, only 5.5% of public rental housing is\u003cbr\u003e\u003cbr\u003e Chapter 11: Financialization and Investment Commodification of Housing\u003cbr\u003e : The whole world is facing the same problem.\u003cbr\u003e\u003cbr\u003e A Key to Understanding the Problem: Financialization of Housing \u003cbr\u003eThe generation that has no choice but to rent vs. the generation of landlords\u003cbr\u003e Are there alternatives to the financialization of housing?\u003cbr\u003e * Look closer: Is it generation or class?\u003cbr\u003e Jeonse loans are the fuse that fuels rising housing prices.\u003cbr\u003e\u003cbr\u003e \u003cb\u003ePart 3.\u003cbr\u003e What should we do?\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e Chapter 12: The Land of Real Estate Populism\u003cbr\u003e : Beyond egalitarianism, sensationalism, and romanticism\u003cbr\u003e\u003cbr\u003e The Fate of Korea's Real Estate Problem: Familism and Egalitarianism\u003cbr\u003e Populism that has ruined real estate policy\u003cbr\u003e Quantity populism | Half-price apartment populism | Tax populism\u003cbr\u003e There is no magic key that says, \"Just do this.\"\u003cbr\u003e Market fundamentalism | Property tax fundamentalism | Cost disclosure fundamentalism | Rampant romanticism, idealism, and demagoguery\u003cbr\u003e * Read more: Is it possible to predict home prices?\u003cbr\u003e\u003cbr\u003e Chapter 13: Things to Consider in the Moon Jae-in Administration's Frustration\u003cbr\u003e : To avoid this from happening again\u003cbr\u003e\u003cbr\u003e Things to learn and reflect on\u003cbr\u003e Ten Things to Consider from the Moon Jae-in Administration's Frustration \u003cbr\u003eOur country has its own unique real estate problems and culture | The core of the global real estate problem is the financialization of housing | There are market roles and government roles | There are norms to be observed in the real estate market | Demand is fast and supply is slow | There are policies that should and should not be changed depending on the economy | Let's break free from the addiction to real estate populism | Experts must also take responsibility | The government should no longer promise to control housing prices | This must be resolved, and it will be resolved.\u003cbr\u003e\u003cbr\u003e References\u003c\/div\u003e\n\u003cdiv\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cbr\u003e\u003cdiv\u003e\u003ch5\u003e \u003cb\u003eInto the book\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e I am not sure if I am qualified to do so, but I am mentioned as the person responsible or architect of the Moon Jae-in administration's real estate policy.\u003cbr\u003e Civic groups, experts, the media, the People Power Party, and the Democratic Party all point to me as one of the people most responsible for the surge in housing prices. \u003cbr\u003eWhile civic groups criticized me for not raising taxes properly, conservative media outlets, on the other hand, criticized me for leading the tax bomb.\u003cbr\u003e The expansion of the rental registration system is also the main culprit behind the increase in housing prices.\u003cbr\u003e\u003cbr\u003e --- p.9~10\u003cbr\u003e\u003cbr\u003e It is clear that the real estate market conditions facing the Moon Jae-in administration were very difficult.\u003cbr\u003e It was a time when global liquidity expansion and the supply that had decreased during the Lee Myung-bak and Park Geun-hye administrations became a problem.\u003cbr\u003e Moreover, as fiscal stimulus was loosened due to COVID-19, an unusual phenomenon occurred where asset markets soared despite concerns about an economic crisis.\u003cbr\u003e Speculative demand poured into anything that could be made into money, including stocks, real estate, coins, and luxury goods.\u003cbr\u003e Low interest rates and excessive liquidity have led to a surge in housing demand, but the supply lag has prevented housing supply from keeping pace.\u003cbr\u003e\u003cbr\u003e --- p.49\u003cbr\u003e \u003cbr\u003eHowever, this does not mean that the skyrocketing housing prices were inevitable because of the given circumstances and conditions.\u003cbr\u003e Unfortunately, the Moon Jae-in administration could and should have done better.\u003cbr\u003e Above all, it is heartbreaking that housing prices, which had been barely holding on, skyrocketed almost defenselessly from the second half of 2020 to the first half of 2021.\u003cbr\u003e\u003cbr\u003e --- p.61\u003cbr\u003e\u003cbr\u003e In this situation, household debt in our country has increased faster than in any other country in the world.\u003cbr\u003e The special circumstances of COVID-19 certainly had an impact, but the rise in housing prices had a significant impact.\u003cbr\u003e Although the effect was limited by the jeonse system and family aid, lending should have been suppressed more strongly.\u003cbr\u003e In conditions where it is difficult to raise interest rates across the board, the DSR should have been applied more quickly and strictly, and in particular, mortgage loans, credit loans, and modified real estate corporate loans should have been monitored and blocked. \u003cbr\u003eThe financial sector hesitated to actively curb the financial sector because it had no other place to invest its funds except in the real estate sector, because it believed that jeonse loans were essential for ordinary citizens, and because politicians demanded expanded lending.\u003cbr\u003e\u003cbr\u003e --- p.63\u003cbr\u003e\u003cbr\u003e However, the Moon Jae-in administration also bears a significant responsibility for failing to quickly allay concerns about a supply shortage.\u003cbr\u003e Although the theory of supply shortages had many elements of a political frame that attempted to politicize the government's policy failures, it is also true that public anxiety was widespread for too long.\u003cbr\u003e In that respect, I regret that the decision on the 3rd new city and the plan to expand the metropolitan transportation network for the 1st and 2nd new cities were not made and implemented sooner.\u003cbr\u003e\u003cbr\u003e --- p.65\u003cbr\u003e\u003cbr\u003e The rental business system is another example of policy confusion.\u003cbr\u003e In late 2017, the government announced a recommendation to expand and strengthen registered rental housing by private rental operators, but then scrapped and reversed it less than a year later. \u003cbr\u003eIf the initial assessment of the situation was wrong or there were problems with the subsequent development of the situation, it is only right to take corrective action.\u003cbr\u003e But the bigger problem is that there has been a long period of confusion over reduction, abolition, and retention.\u003cbr\u003e This directly reflects the social controversy surrounding multiple homeowners.\u003cbr\u003e\u003cbr\u003e --- p.68\u003cbr\u003e\u003cbr\u003e The core cause of the housing price surge was overflowing money, but energy was wasted on ideological debates over supply measures that were difficult to take effect immediately due to the time lag and tax increases that attacked the wealthy.\u003cbr\u003e Given the global phenomenon of financialization of housing, a more fundamental and swift response from the financial sector was needed, but the government and the Bank of Korea made slow and insensitive decisions in the interest of economic defense and broader financial stability.\u003cbr\u003e Although it was said to be for the common people, in the end, the common people suffered the most.\u003cbr\u003e\u003cbr\u003e --- p.72\u003cbr\u003e \u003cbr\u003eUntil I became involved in real estate policy, this was precisely where I differed from the so-called reformists.\u003cbr\u003e Deputy Prime Minister Kim Dong-yeon's statement (National Assembly response, August 27, 2018) that \"the property tax is not a tax that controls housing prices\" was in line with my thoughts.\u003cbr\u003e How can we explain the paradoxical fact that the United States, with the highest effective property tax rate in the world, has seen the highest housing price increases? Is it because of liquidity in their country, while ours is due to low taxes?\u003cbr\u003e --- p.144\u003cbr\u003e\u003cbr\u003e Ultimately, the property tax burden will inevitably increase gradually as the fairness of taxation is gradually increased according to the type of real estate, such as apartments, single-family homes, commercial buildings, and land, and the location of the property.\u003cbr\u003e The government and the ruling party tried to raise the price of high-priced and multi-family homes because the public was angry, but they were hesitant again because of the high price standards they set. This was the government and the ruling party's attitude from late 2019 to mid-2021. \u003cbr\u003eWhen the comprehensive real estate tax was actually strengthened, more than half of the apartments in Seoul were affected, and the government and the Democratic Party, surprised by this, scrambled to lower the tax again.\u003cbr\u003e\u003cbr\u003e --- p.145\u003cbr\u003e\u003cbr\u003e Our country's real estate taxes are, at least nominally, comparable to those of any other country in the world.\u003cbr\u003e Rather, there are many powerful elements.\u003cbr\u003e However, the actual tax burden is often evaluated as low or unfair.\u003cbr\u003e Again, everyone is dissatisfied.\u003cbr\u003e Both those who argue for higher taxes through tax reform and those who own expensive and multiple homes, who say taxes have gone up too much, are deeply dissatisfied with the government.\u003cbr\u003e In this situation, taxes fluctuated repeatedly depending on the real estate market.\u003cbr\u003e Depending on the economic situation, property tax, transfer tax, and acquisition tax are moving from one level to another.\u003cbr\u003e\u003cbr\u003e --- p.151\u003cbr\u003e\u003cbr\u003e While taxes are clearly an important real estate policy tool, we must recognize that they are not a panacea. \u003cbr\u003eThe idea of ​​continuing to raise taxes on someone to appease people angry about housing prices is nothing but populism.\u003cbr\u003e It is not sustainable either.\u003cbr\u003e If we pay close attention to the causes of rising housing prices, taxes are already a secondary issue, at least in our country.\u003cbr\u003e The key was to block the flow of excess liquidity through the financial system into the asset markets, but that part was left in a blind spot of oversight, and energy was lost to the age-old debate about taxes.\u003cbr\u003e\u003cbr\u003e --- p.154\u003cbr\u003e\u003cbr\u003e Paradoxically, the more you increase your loan for a jeonse deposit, the more your house prices will rise.\u003cbr\u003e As renters increase their purchasing power by taking out loans, landlords can not only increase the rent but also use it for gap investment.\u003cbr\u003e It can't be helped that it's a dilemma.\u003cbr\u003e The expanded jeonse loan, which was created to help the homeless and middle class with their jeonse deposits, is becoming the fuse for the rise in housing prices.\u003cbr\u003e\u003cbr\u003e --- p.169\u003cbr\u003e \u003cbr\u003eUltimately, the 'good intentions' or 'innocent intentions' of the rental business system failed.\u003cbr\u003e In particular, the fact that apartments were still included in the rental registration target as before, although there was a condition that the assessed value must be less than 600 million won, was problematic in the reality that the assessed value could not keep up with the rate at which the sale price was rising.\u003cbr\u003e\u003cbr\u003e --- p.187\u003cbr\u003e\u003cbr\u003e Now that the government has changed, there is no need to further examine the Moon Jae-in administration's real estate policy.\u003cbr\u003e Given the current behavior of the Yoon Seok-yeol administration, the same problem, or perhaps even worse, is bound to recur soon when housing prices recover and demand begins to exceed supply.\u003cbr\u003e We must break away from the romanticism and demagoguery of real estate policy and establish Korean principles regarding the roles of the market and government.\u003cbr\u003e That is what we can learn from the Moon Jae-in administration's frustration.\u003cbr\u003e\n\n\u003c\/div\u003e\n\u003cdiv\u003e --- p.272\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cbr\u003e\u003cdiv\u003e\u003ch5\u003e \u003cb\u003ePublisher's Review\u003c\/b\u003e\n\u003c\/h5\u003e\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e \u003cb\u003eA book written by the person in charge of real estate policy in the Moon Jae-in administration\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eWhat happened to the real estate market during the Moon Jae-in administration? Above all, the Moon Jae-in administration failed to control housing prices.\u003cbr\u003e There were many places where the price of houses was not just unaffected, but more than doubled.\u003cbr\u003e The rent also rose accordingly.\u003cbr\u003e Because of this, the whole country was heated by the real estate issue throughout the Moon Jae-in administration, and many people cited the real estate issue as one of the reasons for the change of government to the Yoon Seok-yeol administration.\u003cbr\u003e\u003cbr\u003e The author of this book, Kim Soo-hyun, former chief of staff at the Blue House, is mentioned as the person responsible for or the designer of the Moon Jae-in administration's real estate policy.\u003cbr\u003e Civic groups, the media, experts, the People Power Party, and the Democratic Party have also pointed to the author as one of the people most responsible for the surge in housing prices.\u003cbr\u003e The author begins this book by acknowledging that he bears great responsibility.\u003cbr\u003e In doing so, we will review one by one why the Moon Jae-in administration failed to control housing prices, what it should have done to control them, and why housing prices rose. \u003cbr\u003e“Someone like me, who is being criticized by everyone, needs to speak up first” (page 12), he says, taking a serious look at the real estate problem in Korea.\u003cbr\u003e This book reflects on the real estate issues in Korean society and identifies alternatives, while looking back on the reasons for the Moon Jae-in administration's failed real estate policies.\u003cbr\u003e “You can use any expression you like – ‘reflection,’ ‘confession,’ or ‘introspection – but I believe it would be helpful to our society to reveal the thoughts of those who were deeply involved and concerned at the time.” (Page 11) “If the Moon Jae-in administration’s real estate policy has failed, we should record and discuss why it failed and how to prevent it from happening again.\u003cbr\u003e We must also carefully examine the criticisms of the many people who argued that this was the right way to do it.\u003cbr\u003e “Without introspection on the Moon Jae-in administration, we cannot properly address situations that may recur in the future.” (pp. 71-72)\u003cbr\u003e\u003cbr\u003e \u003cb\u003eThe relationship between real estate and politics\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eWhat does the title of this book, \"Real Estate and Politics,\" mean? The author argues that real estate policy should not be influenced by politics or ideology.\u003cbr\u003e Above all, he emphasizes that we must not be swayed by real estate populism.\u003cbr\u003e This is the principle that we must take and implement policies.\u003cbr\u003e However, the author himself and the Moon Jae-in administration also confess that they are not free from the politicization and populism of the real estate issue.\u003cbr\u003e\u003cbr\u003e If house prices continue to rise, the whole country will be in turmoil.\u003cbr\u003e Public sentiment is unsettled, and the government and the ruling party become anxious.\u003cbr\u003e The opposition party, media, civic groups, and experts immediately began criticizing the government.\u003cbr\u003e Each person proposes their own solution, a prescription that says, 'This is all you need to do.'\u003cbr\u003e The conservative side argues for “leave it to the market,” while the progressive side emphasizes “recover unearned income.”\u003cbr\u003e On the Internet, various predictions of housing prices and sensational claims are rampant. \u003cbr\u003eIf this happens, the political world will come out on the populist front, promoting more provocative policies.\u003cbr\u003e Rather than focusing on the practicality of the policy, they become preoccupied with solutions that the public, or more narrowly, their supporters, cheer for.\u003cbr\u003e In times like these, even the government loses its way.\u003cbr\u003e Even as we watch the entire country being shaken by the turbulent real estate policy, we fail to maintain a reasonable line.\u003cbr\u003e The government will soon be pushed into policies demanded by populism.\u003cbr\u003e The more this happens, the less trust there is in policies, and the more anxious the people become.\u003cbr\u003e The effectiveness of the policy naturally decreases.\u003cbr\u003e The author says that the Moon Jae-in administration also followed a similar process.\u003cbr\u003e Although 28 large and small real estate measures were announced, the effect was minimal and only division and wounds were left behind.\u003cbr\u003e The author's diagnosis is that real estate policy is constantly being driven by political pressure, and this is what the title of this book implies.\u003cbr\u003e\u003cbr\u003e \u003cb\u003eWhy didn't the Moon Jae-in administration control housing prices?\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eSo why did the Moon Jae-in administration's real estate policy fail? Let's first examine what happened to the real estate market during the Moon Jae-in administration.\u003cbr\u003e The Moon Jae-in administration took office at a time when housing prices were rising due to the real estate market cycle.\u003cbr\u003e “Based on past experience, the upward trend was bound to continue for at least five years.\u003cbr\u003e “It is not that housing prices rose after the Moon Jae-in administration took office, but rather that the Moon Jae-in administration came to power during a period of rising housing prices.” (Page 60) It was a time when housing prices were rising not only in Korea but also around the world, including in the US, UK, and Japan.\u003cbr\u003e In fact, from the inauguration of the government in May 2017 to its peak in October 2021, apartment prices in Seoul nearly doubled.\u003cbr\u003e It was the largest increase since the Roh Moo-hyun administration.\u003cbr\u003e The Moon Jae-in administration has introduced 28 real estate measures to stabilize housing prices, but the policies have not shown results quickly enough to allay public anxiety. \u003cbr\u003eIn this context, the COVID-19 pandemic broke out in 2020.\u003cbr\u003e Interest rates were slashed to record lows, loan payments were deferred, and several rounds of disaster relief payments were issued.\u003cbr\u003e However, as the released money flowed into real estate, stocks, and coins, housing prices rose further.\u003cbr\u003e As housing prices skyrocketed, the entire country became obsessed with housing prices.\u003cbr\u003e The number of people earning money from home has increased, and those who trust the government and wait without buying a house are angry.\u003cbr\u003e There was a flood of protests asking why these crazy housing prices couldn't be brought under control.\u003cbr\u003e The opposition party, the media, and experts also criticized the government, proposing their own solutions such as \"leave it to the market,\" \"supply shortage,\" and \"recover unearned income.\"\u003cbr\u003e During the election period, various real estate populisms were rampant.\u003cbr\u003e During this period, many people bought houses that were 'soul-pulling' (spirit-pulling). \u003cbr\u003eThe Moon Jae-in administration imposed strict lending regulations, but household debt reached 105.8% of GDP at the end of 2021, when soaring housing prices were at their peak.\u003cbr\u003e But soon the bubble began to burst.\u003cbr\u003e As the United States sharply raised interest rates in 2022 due to soaring inflation, housing prices in Korea fell at a frightening rate.\u003cbr\u003e Those who had bought houses on a tight budget suffered the double burden of high interest rates and falling house prices.\u003cbr\u003e As house prices fell and jeonse prices plummeted, there were even cases where jeonse deposits for villas could not be returned.\u003cbr\u003e The so-called rental fraud incident broke out.\u003cbr\u003e Problems also began to arise in the construction industry, which had seen a significant increase in bubbles during the period of skyrocketing housing prices, as housing prices began to fall.\u003cbr\u003e As housing prices skyrocketed, society became divided, and the damage was passed on to the people.\u003cbr\u003e Given these circumstances, why hasn't the Moon Jae-in administration been able to control housing prices?\u003cbr\u003e\u003cbr\u003e \u003cb\u003eFour Responsibilities of the Moon Jae-in Administration\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003eDuring the Moon Jae-in administration, a surge in liquidity occurred that the world had never experienced before.\u003cbr\u003e In addition to the low interest rates and quantitative easing that have persisted since the 2008 financial crisis, COVID-19 has led to a monetary loosening unprecedented in the history of capitalism.\u003cbr\u003e The Moon Jae-in administration faced a market situation where the real estate market was in a period of upward cyclicality and unprecedented liquidity.\u003cbr\u003e It was not a 'lack of supply' or 'tax issues' but the excess liquidity that drove up housing prices in Korea.\u003cbr\u003e The author expresses regret that, despite Korea's situation, the Moon Jae-in administration should have taken a more proactive approach and prepared countermeasures.\u003cbr\u003e The author points out that the Moon Jae-in administration has four responsibilities.\u003cbr\u003e\u003cbr\u003e First, it failed to curb real estate lending more strongly.\u003cbr\u003e In a situation where liquidity is abundant, money is flowing into the asset market and house prices are rising. \u003cbr\u003eAt that time, it was possible to buy a house by borrowing only 20-30% of the house price from a financial institution.\u003cbr\u003e It was also common for families to use their own homes as collateral to borrow money to help their children purchase homes.\u003cbr\u003e The economy of ordinary people has worsened, and polarization has deepened.\u003cbr\u003e However, during this period, the Moon Jae-in administration failed to implement stronger lending regulations and household debt management. Despite strict lending regulations, such as LTV and DTI, these measures failed to curb rental housing loans, credit loans, and corporate loans.\u003cbr\u003e In particular, jeonse loans have also become a fuse for rising housing prices.\u003cbr\u003e Also, the introduction of the DSR, which measures repayment ability relative to income, should have been expedited, but it was delayed.\u003cbr\u003e The author points out that the fundamental cause of rising housing prices was 'liquidity', and the key was the tightening of the money supply, but the failure of economic policymakers to take action despite knowing this was a factor in the failure of real estate policies.\u003cbr\u003e \u003cbr\u003eSecond, the supply anxiety was not quickly alleviated.\u003cbr\u003e Market advocates have long criticized the Moon Jae-in administration for failing to supply real estate in a timely manner, leading to rising housing prices.\u003cbr\u003e Above all, he said that the problem was that 'good houses' were not supplied in Seoul and the metropolitan area due to redevelopment and reconstruction regulations.\u003cbr\u003e Although the supply shortage theory had many elements of a political frame that attempted to politicize the government's policy failures, the Moon Jae-in administration failed to quickly quell this argument.\u003cbr\u003e In that respect, the author expresses regret that if the third new town plan had been announced a little sooner, the controversy over the supply shortage would have been reduced.\u003cbr\u003e\u003cbr\u003e Third, trust in real estate regulation has been lost.\u003cbr\u003e Real estate policies should be implemented differently depending on the economy.\u003cbr\u003e During periods of rapid growth, policies should be implemented to suppress demand and expand supply, while during periods of rapid decline, policies should be implemented to stimulate demand and adjust supply. \u003cbr\u003eBut the Moon Jae-in administration has veered into unprincipled and extreme territory.\u003cbr\u003e Representative examples include the unrealistic increase in the comprehensive real estate tax in July 2020 and the establishment of an unrealistic plan to realize the unrealistic tax base, the 2019 reconstruction sale price ceiling system, and the unrealistic method of imposing excess profit recovery for reconstruction.\u003cbr\u003e Most of these have either withdrawn or failed without ever being put into practice.\u003cbr\u003e It only provided a pretext for ideological controversy and undermined trust in the policy.\u003cbr\u003e The same was true for the rental business system.\u003cbr\u003e In late 2017, the government announced a recommendation to expand and strengthen registered rental housing by private rental operators, but then scrapped and reversed it less than a year later.\u003cbr\u003e\u003cbr\u003e Fourth, policy leadership was shaken.\u003cbr\u003e When markets are unstable and policy effectiveness is questionable, policy leadership and control tower functions are bound to be shaken.\u003cbr\u003e In times like these, differences of opinion arise within the government and between the government and the ruling party.\u003cbr\u003e Of course, opinions don't come together easily. \u003cbr\u003eThe political world is more concerned with appeasing public anger and regaining support than with policy rationality.\u003cbr\u003e “Let’s raise taxes,” “Let’s supply 2 million more rental housing units,” “Let’s build houses in Yongsan Park, Gimpo Airport, and the Green Belt,” “Let’s lend more money so that young people can buy houses.”\u003cbr\u003e Even the government and the ruling party, which should have been at the center, ended up relying on populism.\u003cbr\u003e At a time when housing prices were skyrocketing, the Moon Jae-in administration failed to establish policy leadership and ended up getting caught up in the situation.\u003cbr\u003e\u003cbr\u003e The author also mentions his own responsibility.\u003cbr\u003e The fact that the Moon Jae-in administration took on the same role as the Roh Moo-hyun administration may have provided a pretext for a 'failure frame'. \u003cbr\u003e“Government policy is not a structure that can be dominated by a specific individual, and I do not believe that I have ever acted in that way, but it is regrettable that the Moon Jae-in administration’s real estate policy has provided a cause for distrust by being ‘personified.’” (p. 74) He also states that he is largely responsible for the fact that financial regulations, the announcement of the third new city, and the rental registration system were not implemented properly at an appropriate time.\u003cbr\u003e\u003cbr\u003e \u003cb\u003eThe main character then and now is Geumri\u003cbr\u003e But Korea is a country of real estate populism.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e “Generally, interest rates and liquidity have the most direct and immediate impact.\u003cbr\u003e As money becomes more abundant and the value of money falls, money flows into real assets to avoid inflation and to obtain greater investment returns.\u003cbr\u003e The relationship between actual home prices, interest rates, and liquidity can be seen as moving almost in opposite directions.\u003cbr\u003e This can be seen in most countries. \u003cbr\u003e“As interest rates fell and liquidity increased, house prices rose, and when interest rates began to rise at a certain point, house prices tended to fall.” (pp. 155-156)\u003cbr\u003e\u003cbr\u003e Why are housing prices rising? Is it due to a lack of supply? Or is it due to the lack of property tax increases? The author argues that the reason housing prices soared during the Moon Jae-in administration was due to global liquidity glut.\u003cbr\u003e As interest rates fall and liquidity increases, house prices rise, and at a certain point, when interest rates begin to rise, house prices begin to fall.\u003cbr\u003e During the Moon Jae-in administration, housing prices were rising due to excess liquidity, and during the Yoon Seok-yeol administration, housing prices were falling due to interest rate cuts.\u003cbr\u003e In 2022, when the United States raised interest rates significantly and the Bank of Korea also raised interest rates, housing prices began to fall as if nothing had happened. \u003cbr\u003eThe author criticizes that while the core factor in determining real estate prices, both then and now, is 'finance,' the political world, the media, civic groups, and experts are leading populism in the real estate market by suggesting different measures.\u003cbr\u003e The author says that the government has become entangled in this populism, and the Moon Jae-in administration has not been able to escape it either.\u003cbr\u003e\u003cbr\u003e So, what are some representative examples of real estate populism? \"Quantity populism,\" or the fear of a shortage of supply.\u003cbr\u003e Every election season, politicians all make promises to build 0 million homes.\u003cbr\u003e However, the author criticizes that while he understands the intention to reassure the public by promising more supply, this is nothing more than a numbers game.\u003cbr\u003e They seem to have little interest in what kind of housing is supplied, where, how, and to whom, and only make populist promises. \u003cbr\u003eThey say that even promising supply like this will not control housing prices, and that policies should now be implemented to improve the quality of housing rather than the number of units.\u003cbr\u003e\u003cbr\u003e Next, there is ‘half-price apartment populism.’\u003cbr\u003e It has been advocated by progressive civic groups and experts for over 20 years, but it has now become a program favored by conservative politicians as well.\u003cbr\u003e This also appears every election season.\u003cbr\u003e But the author speaks firmly.\u003cbr\u003e This is just a lottery or a show business that only benefits a few.\u003cbr\u003e\u003cbr\u003e ‘Tax populism’ is also discussed.\u003cbr\u003e Tax issues are a very important element in real estate policy, but in Korean society, they say, they have been reduced to a political framework, a term for supporters.\u003cbr\u003e It is a term that aims to appease the people's anxiety and dissatisfaction rather than policy rationality. \u003cbr\u003eAmong real estate taxes, some can be changed or must be changed depending on the economy, while others must maintain a certain level by norm. The problem, they point out, is that these principles have not been followed and have been changed from time to time.\u003cbr\u003e\u003cbr\u003e When such populism runs rampant, real estate policy is bound to be shaken.\u003cbr\u003e Especially during a period of rapid real estate price growth, various prescriptions such as “leave it to the market,” “recover unearned income,” and “disclose the cost price” become rampant, and the government also loses its balance and gets caught up in this.\u003cbr\u003e The more this happens, the less trust there is in the policy, and the more anxious the people become.\u003cbr\u003e The same goes for the effectiveness of the policy.\u003cbr\u003e The Moon Jae-in administration also followed that process.\u003cbr\u003e The author's analysis is that while the necessary liquidity reduction was avoided, we were pushed into things that would be difficult to achieve immediately.\u003cbr\u003e This phenomenon is also occurring in the current Yoon Seok-yeol administration.\u003cbr\u003e\u003cbr\u003e \u003cb\u003eWhat should we do?\u003c\/b\u003e \u003cbr\u003eLessons to be learned from the Moon Jae-in administration's setbacks\u003cbr\u003e\u003cbr\u003e So what should we do? Is a real estate policy unswayed by populism impossible? The author argues that we must learn from and reflect on the Moon Jae-in administration's setbacks.\u003cbr\u003e During the Moon Jae-in administration, real estate policies have fluctuated depending on the economy and the demands and pressures of the political world.\u003cbr\u003e In other words, real estate policy has become an arena for a frame war.\u003cbr\u003e The author argues that even if real estate prices fluctuate, Korean principles regarding the roles of the market and government must be established.\u003cbr\u003e In doing so, he lists the following ten things to learn from the Moon Jae-in administration's failures.\u003cbr\u003e\u003cbr\u003e ① Our country has unique real estate issues and culture.\u003cbr\u003e ② The core of the global real estate problem is the financialization of housing.\u003cbr\u003e ③ There is the market's work and the government's work.\u003cbr\u003e ④ There are rules that must be observed in the real estate market as well.\u003cbr\u003e ⑤ Demand is fast and supply is slow. \u003cbr\u003e⑥ Depending on the game, there are policies that need to be changed and those that do not.\u003cbr\u003e ⑦ Let’s break free from the addiction to real estate populism.\u003cbr\u003e ⑧ Experts must also take responsibility.\u003cbr\u003e ⑨ Now, the government should stop making promises to control housing prices.\u003cbr\u003e ⑩ The real estate problem must be solved, and will be solved. \u003cbr\u003e\n\n\u003c\/div\u003e\n\u003cdiv\u003e\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cdiv style=\"width:95%;padding-top:20px;padding-bottom:20px\"\u003e\n\n\u003cdiv style=\"text-align:left;font-size:16px;font-weight:bold;padding-bottom:20px\"\u003e GOODS SPECIFICS \u003c\/div\u003e\n\n\u003cdiv style=\"text-align:left;font-size:14px;line-height:1.6em;\"\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003eDate of issue:\u003c\/strong\u003e September 25, 2023\u003c\/div\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003ePage count, weight, size:\u003c\/strong\u003e 292 pages | 386g | 135*210*20mm\u003c\/div\u003e\n\n\u003cdiv style=\"width:100%;margin-bottom:5px;line-height:1.6em;font-size:14px\"\u003e - \u003cstrong\u003eISBN13:\u003c\/strong\u003e 9791168730779 \u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\n\u003c\/div\u003e\n\n\u003ccenter\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003ccenter\u003e\u003ctable\u003e\u003ctr\u003e\u003ctd style=\"height:10px\"\u003e\u003c\/td\u003e\u003c\/tr\u003e\u003c\/table\u003e\u003c\/center\u003e\n\n\u003cspan\u003e\u003c\/span\u003e\n\n\u003c\/center\u003e\n\n\n\u003c\/center\u003e","brand":"LIBRAIRIE COREENNE","offers":[{"title":"Default Title","offer_id":43891450216490,"sku":"164653","price":25.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0683\/2750\/5962\/files\/fd8447ecc2be969aa938eca786e4fbe3.jpg?v=1765325572","url":"https:\/\/librairie.coreenne.fr\/en\/products\/164653","provider":"LIBRAIRIE COREENNE","version":"1.0","type":"link"}