"No Home, Yet a True Tenant"...Ruling Party Lawmakers Respond to Yoon Hee-sook's Speech

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] Democratic Party lawmakers responded to Future United Party lawmaker Yoon Hee-sook's '5-minute speech' by saying, "I am the real tenant." Earlier, on the 30th of last month, Yoon made headlines with a speech starting with "I am a tenant" at the plenary session.

On the afternoon of the 4th, Democratic Party lawmaker Shin Dong-geun spoke during the plenary session at the National Assembly, stating, "I am a real tenant paying a deposit of 30 million won and a monthly rent of 700,000 won." He added, "I also preferred jeonse (a lump-sum deposit lease) over monthly rent because paying monthly rent was burdensome," and "I fully understand the concerns of those worried that jeonse might decrease in the future."

Shin pointed out that the 'end of jeonse theory' advocated by the United Party is impossible. He said, "During the Park Geun-hye administration, it was said that jeonse would disappear, but rather, the proportion of jeonse increased," adding, "The share of jeonse transactions in Seoul apartments was 65.3% in 2015 and rose to 72.4% in 2019. Even with the implementation of the three lease laws, the situation will not change overnight."

He continued, "It is practically difficult for landlords to suddenly convert jeonse to monthly rent because the burden of returning a large sum of money outweighs the benefits of receiving monthly rent," and added, "As of May 2020, the proportion of gap investments involving jeonse in the Gangnam 4 districts reached 72.7%."

[Image source=Yonhap News]

Democratic Party lawmaker Jang Kyung-tae also spoke during the free speech session, introducing himself as a "youth without a home." He said, "Do you know the term 'jigok-go'? When I moved from the provinces to Seoul, I lived in semi-basements, rooftop rooms, and goshiwons from the moment I arrived in Seoul," adding, "Because of the unaffordable jeonse deposit, I couldn't even dream of a jeonse house."

Jang said, "In the past, a well-raised child would support the family, but now, it is fortunate if a well-raised child does not take away the family's pillar," emphasizing, "'The dream of owning a home' is neither a 'dream of bank loans' nor a 'dream of successful gap investment.' It is simply a healthy desire to save energy and live in a decent home."

He added, "Today's Seoul only gives a sense of emptiness to young people who live in fear of rising monthly rents, rising jeonse prices, or contract renewals not being possible," emphasizing, "The government is laying a 'housing ladder' for youth."

He further stated, "The three lease laws passed by the Democratic Party will increase predictability through rent caps, developing the market into a stable one, and the reporting system will add trust to landlord-tenant contracts so that neither side feels unfair," emphasizing, "The right to claim is a law that helps people struggling to find a home and move."

[Image source=Yonhap News]

Yong Hye-in, floor leader of the Basic Income Party, also spoke during the free speech session, saying, "I am a tenant. In my third year of marriage, my husband and I live in a villa in Eunpyeong with a newlywed couple's jeonse loan." She criticized the United Party, saying, "Are the 'people suffering from this real estate policy' that the United Party talks about the wealthy who pay the comprehensive real estate tax in the top 1%, or people who own houses for speculation but live in a 1 billion won jeonse house?" She added, "This July's extraordinary session, which will pass real estate tax laws and the three lease laws, should be remembered as the National Assembly where 'politics to lower house prices' began."

Meanwhile, at the plenary session that day, the amendment to the comprehensive real estate tax law and the 'Real Estate 3 Laws (Income Tax, Corporate Tax, Comprehensive Real Estate Tax)' and the 'Three Lease Laws,' including the Jeonse and Monthly Rent Reporting Act, were passed. Follow-up bills for the establishment of the Corruption Investigation Office for High-ranking Officials (CIO) were also passed. The United Party did not participate in the votes related to real estate and the CIO laws.

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