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Moon named multi-homeowner as top real estate policymaker
President Moon Jae-in is creating a stir by nominating Choi Jeong-ho who owns more than two homes, as minister of land, infrastructure and transport.
Until quite recently, Choi and his wife had two homes and the purchase right for an apartment under construction, according to the asset list that Choi submitted to the National Assembly.
However, immediately before his nomination last Friday, Choi handed over his home in Seongnam, Gyeonggi Province, to his daughter, and continues to live there, paying her 30 million won ($26,500) as deposit and 1.6 million won in monthly rent. Now Choi and his wife have one apartment and one purchase right.
"I had intended to give the Seongnam home to my daughter and we are taking steps to pay gift taxes," Choi said. It seems as if he hurriedly handed over the home to his daughter to prepare for a confirmation hearing at the Assembly. The nominee added that his wife also put her apartment up for sale and that the couple planned to move into a new home in Sejong, South Chungcheong Province, after it is completed in August.
No law prohibits multiple homeowners from serving as Cabinet ministers. However, the minister of land, infrastructure and transport is the top post responsible for shaping and implementing real estate policy. The primary direction of the Moon administration's real estate policy has been that "a home is a space not for speculation or investment, but for living." Whenever the government announced measures to stabilize housing prices, it has strengthened regulations on multi-homeowners.
Cheong Wa Dae says it picked Choi because of his administrative expertise after serving in various posts within the ministry. The ministry's union also welcomed his designation in a statement, praising him as an "experienced and competent technocrat who has long served in our ministry."
In nominating ministerial candidates, the Blue House should take into account not just their qualifications and competence but also public opinion about them. Most people are undergoing hard times because of unstable housing prices.
Up to 40 percent of Koreans do not have their own homes. We are worried about how the people will regard a ministerial nominee with multiple homes. If Choi becomes minister, this might send a wrong signal that the Moon administration may overlook real estate speculators. It would be better for Moon to drop his nomination of Choi immediately.
