[LETTERS TO THE EDITOR]How to stop speculation

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[LETTERS TO THE EDITOR]How to stop speculation

With regard to the relocation of the administrative capital, the government is endeavoring to root out real estate speculation by operating a task force to prevent it, but its effectiveness is in doubt.
The current government’s measures to prevent real estate speculation are focused on putting restrictions on land transactions and on the tax system. However, the general public thinks that these are not sufficient enough to prevent speculation with regard to the capital relocation. The success or failure of the relocation of the administrative capital will depend on the cost structure of the move.
The question is whether the cost structure can prevent speculation. Hence, stronger and more stringent measures to prevent speculation are necessary.
The government should also designate Chungcheong province as a “special zone” to watch out for speculation and enact laws against illegal transactions by having funds confiscated, or give out prison sentences in case of unlawful acts. The rationale for the government’s policy on relocating the capital should be on finding a way out of the growth limits of our national economy, to induce balanced development of our country and to lessen centralization of the metropolitan area.

by Jeong Sang
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