Former lawmaker Yoo Seong-min. [Yonhap]
Former lawmaker Yoo Seong-min. [Yonhap]

Former lawmaker Yoo Seong-min on Tuesday criticized Korea Land and Housing Corporation President Lee Seong-hun and President Lee Jae Myung, saying public officials should not "carelessly shoot their mouths off" about housing prices and share prices.

Yoo made the remarks in a Facebook post, noting that Seoul apartment prices have risen for 87 consecutive weeks, with particularly sharp gains in areas outside Gangnam and Seocho, and that the jeonse and monthly rent crisis in Seoul has reached its worst level in history, causing severe hardship for tenants.

He reserved especially sharp criticism for LH President Lee Seong-hun, who said during a National Assembly national audit that housing prices were "quite likely to fall sharply" going forward.

"The LH president should focus on the housing supply work LH has been given," Yoo said. "The very fact that the LH president opens his mouth to say prices will go up or down shows he has no sense of his own place."

Yoo also took aim at President Lee Jae Myung for having earlier predicted a collapse in housing prices.

"President Lee Jae Myung predicted a 'housing price collapse' at the end of August, pointing to interest rate hikes and rising mortgage delinquencies and foreclosures — but prices have done nothing but keep rising," Yoo said. "People who believed the president and stayed renters instead of buying have only seen their jeonse and monthly rent burdens grow."

He went on to say that "whether it is the president, the LH chief, or anyone else, no one should carelessly shoot their mouths off about housing prices and share prices," adding, "If someone takes a quack prediction at face value, sells or buys a home or shares, and loses money, who will take responsibility?"


yeonjoo7@heraldcorp.com