Shin Dong-geun, in a '5-minute speech,' says "I am a real tenant... The 'end of jeonse' is realistically difficult"

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] Shin Dong-geun, a member of the Democratic Party of Korea, claimed that he is a "real tenant" and criticized the United Future Party's "end of Jeonse theory" point by point. Earlier, Yoon Hee-sook of the United Future Party sparked controversy on the 30th of last month during the plenary session by criticizing the amendment to the Housing Lease Protection Act, saying, "The Jeonse system is on the path to extinction."

On the 4th, Shin spoke during the 5-minute free speech at the plenary session, stating, "I am a real tenant who pays a deposit of 30 million won and a monthly rent of 700,000 won." He added, "I also preferred Jeonse over monthly rent because paying monthly rent was burdensome," and said, "I fully understand the concerns of those worried that Jeonse might decrease in the future."

Shin criticized the opposition party's claim that Jeonse will disappear due to the recent real estate legislation as unrealistic. He said, "The United Future Party is spreading the Jeonse end rumor," and added, "It is practically difficult for landlords to suddenly convert Jeonse contracts into monthly rent." He further explained, "According to the Ministry of Land, Infrastructure and Transport, as of May 2020, the proportion of gap investments involving Jeonse in the Gangnam 4 districts reached 72.7%. The burden of returning a large sum of money is greater than the profit from receiving monthly rent."

He also stated, "During the Park Geun-hye administration, it was said that Jeonse would disappear, but since then, the proportion of Jeonse in Seoul has actually increased," emphasizing, "Last year, the proportion of Jeonse transactions in Seoul apartments was 72.4% in 2019, up from 65.3% in 2015. Even with the implementation of the three lease laws, the situation will not change overnight."

Shin highlighted that the United Future Party advocated for "monthly rent praise" just three years ago. He criticized, "The Park Geun-hye administration's 'end of Jeonse theory' and 'monthly rent praise' were only three years ago. The United Future Party has reversed its stance 180 degrees in just three years. Those who once sang the praises of the monthly rent heaven now preach the monthly rent hell. How can they now speak differently without any hesitation?"

Shin said, "The United Future Party only looks for the root cause of real estate problems in supply shortages," and added, "We need to respond with comprehensive measures such as population dispersion in the metropolitan area, balanced national development, absorption of excess liquidity through alternative investment options, and tax policies to recover excess profits and unearned income. The government is formulating comprehensive measures, and the Democratic Party will actively respond in the National Assembly."

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