Democratic Party Requires Multi-Home Owner Candidates in Speculative Areas to Pledge Sale Within 2 Years

[Image source=Yonhap News]

[Asia Economy Reporter Park Cheol-eung] If a Democratic Party candidate for the general election owns two or more houses in speculative areas, they must pledge to sell all houses except their primary residence within two years.

The Democratic Party's 21st General Election Planning Committee announced on the 2nd that it has added qualification criteria for real estate ownership during a plenary meeting. This is intended to align with the government's real estate policy standard of "owning one primary residence."

Currently, only candidates who own two or more houses in speculative areas, speculative overheating districts, or regulated areas will be required to submit a "real estate sale pledge" for all houses other than their primary residence.

Candidates who are elected after submitting the pledge must sell any houses other than their primary residence within two years, considering options such as jeonse rental. If the pledge is not fulfilled after the deadline, disciplinary actions such as referral to the Ethics Committee will be taken.

On the 19th of last month, Lee In-young, the floor leader of the Democratic Party, stated at a policy coordination meeting regarding the government's recommendation for high-ranking officials to dispose of multiple homes, "The National Assembly is no exception. It is necessary for politicians, who represent the people, to make a public promise and practice not to use houses as a means of wealth accumulation," adding, "We request that our party's candidates for the general election pledge not to use houses as a means of wealth accumulation and consider disposing of houses not intended for residence."

The General Election Planning Committee also decided that candidates who have previously run for superintendent of education will not be considered newcomers.

This content was produced with the assistance of AI translation services.