The Lee Jae-myung administration has already announced three real estate measures since its inauguration, yet the market is showing a trend of accelerating instability rather than stabilization. Doubts are growing about the effectiveness of the government's policies, which have reacted oversensitively to localized, short-term instability in the housing market, as seen in the sequence of the 6.27 Loan Regulations, the 9.7 Supply Measure, and the 10.15 Real Estate Measure. Consequently, the intensity of arguments for the necessity of strengthening real estate taxation, which the President had pledged not to touch, is also increasing. This session aims to diagnose the fundamental reasons for the ineffectiveness and the escalating serious side effects of the government's policies intended to curb real estate prices. We will also attempt an in-depth discussion on the direction of reasonable countermeasures.