The National Assembly and the Legislation Committee Pass '2+2 Years 5%' Lease Law Alone... United Future Party Walks Out (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The National Assembly's Legislation and Judiciary Committee held a plenary session on the 29th and passed the amendment to the Housing Lease Protection Act. Members of the Future United Party belonging to the Legislation and Judiciary Committee expressed opposition to the forced passage and did not participate in the vote. With this, the so-called 'Three Lease Laws' have all passed through the standing committees.

The amendment to the Housing Lease Protection Act processed at the Legislation and Judiciary Committee on this day includes the introduction of a rent ceiling system and a contract renewal request system.

The amendment guarantees a '2+2 year' term, allowing tenants to extend their existing 2-year contract by an additional 2 years, and limits rent increases to within 5% of the previous contract rent, with local governments setting the ceiling through ordinances.

Landlords can refuse contract renewal requests if they or their direct ascendants or descendants reside in the house. However, if they do not reside, the existing tenant can claim damages.

At the plenary session of the Land, Infrastructure and Transport Committee the day before, an amendment to the Real Estate Transaction Reporting Act, which introduces a monthly rent reporting system, was passed. With this, all 'Three Lease Laws' have been approved by the standing committees.

The Democratic Party completed the procedures within half a day, skipping subcommittee reviews, following the Land, Infrastructure and Transport Committee, the Planning and Finance Committee, and the Public Administration and Security Committee the day before.

Legislation and Judiciary Committee members of the United Party protested, saying, "Isn't this already scheduled to pass? They are pushing the agenda under the pretext of discussion," and refused to review the bill.

Yoon Ho-jung, chairman of the Legislation and Judiciary Committee from the Democratic Party, said after the bill was passed, "I deeply regret that the vote was held without the attendance of United Party members. Shouldn't they submit constructive alternatives so that even the opinions of the minority party can be accepted and respected?" He added, "Democracy does not give opportunities to those who sleep on their rights."

He continued, "The Housing Lease Protection Act passed today is a historic decision for the stability of housing for ordinary citizens," emphasizing, "It is a meaningful resolution not only for stabilizing monthly rent prices but also for eradicating real estate speculation and changing the economic structure."

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