Democratic Peace Party Announces Top Election Pledge: "Supply 1 Million Apartments Worth 100 Million Won Each"

Democratic Peace Party Launches General Election Planning Team at National Assembly on 20th Morning
"Will Revoke Special Act on Land Lease-Type Sale Housing Supply Abolished During Park Geun-hye Administration"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] The Party for Democracy and Peace has announced a real estate policy as its "No. 1 pledge for the general election." The party stated that it will revive the "Special Act on the Supply of Land Lease-Type Sale Housing," which was abolished during the Park Geun-hye administration, and supply 1 million 20-pyeong houses priced at 100 million KRW each.

On the morning of the 20th, at the launch ceremony of the general election planning team held at the National Assembly, Jeong Dong-young, leader of the Party for Democracy and Peace, said, "We will restore the Special Act on the Supply of Land Lease-Type Sale Housing and supply 1 million 20-pyeong houses over 10 years."

Leader Jeong said, "Twenty years ago, the homeownership rate was 60%, but the rate of people owning their own homes was 57% as of last year," adding, "We need to move away from the sales and construction company-centered approach."

He continued, "Under the current structure, SH Corporation profits from unearned income first, private construction companies second, and the successful bidders third," explaining, "If SH Corporation does not sell the land and instead allows entities like the National Pension Service to invest, the construction cost for a 20-pyeong house can be covered with 100 million KRW and still have surplus."

He also emphasized, "Recently, urban regeneration investments have caused real estate prices to rebound, but if this money is redirected to 1 million 100 million KRW apartments, multi-homeowners will naturally have to sell their houses."

Leader Jeong stated, "The reason the Special Act on Land Lease-Type Sale Housing, which was centered on these contents, was abolished during the 19th National Assembly was due to the so-called 'construction cartel,'" and stressed, "Although we are a small party, just as we overcame the mountain peak by pushing forward with electoral reform, we will now raise the flag to solve the real estate problem and advance again."

Kim Heon-dong, head of the Real Estate and Construction Reform Headquarters at the Citizens' Coalition for Economic Justice, who attended the general election planning team launch ceremony, said, "The pledge announced today by the Party for Democracy and Peace was proposed by the Citizens' Coalition for Economic Justice during the development of Pangyo New Town in 2005," adding, "At that time, we suggested to the Roh Moo-hyun administration not to sell public land, or if selling was necessary, to sell it to entities like the Government Employees Pension Service."

Kim said, "If the state holds the land and sells it, a 20-pyeong house could be sold for 50 million KRW and a 30-pyeong house for 70 million KRW," adding, "This claim was accepted by Hong Jun-pyo, then leader of the Grand National Party, in 2006 and became party policy, and a special law was created during the Lee Myung-bak administration in 2009." He added, "President Park Geun-hye abolished this law, but if it is revived, the housing problem will definitely be resolved."

Meanwhile, on the same day, the Party for Democracy and Peace appointed Lee Gwan-seung, secretary-general, and Son Dong-ho, regional committee chairman for Seoul Dobong-eul, as co-heads of the general election planning team. Leader Jeong said, "Last week, Alternative New Party leader Choi Kyung-hwan and others visited and brought up talks of unification, but political landscape changes and a strategic working team are needed. Although late, we plan to form the general election planning team and prepare in two branches: one team for strategy preparation and another for practical preparation."

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