Kim Tae-nyeon "Reviewing Measures to Minimize Jeonse to Monthly Rent... Preparing Strong Additional Measures"

Kim Tae-nyeon, floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 5th and delivering an opening remark. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Wondara] Kim Tae-nyeon, the floor leader of the Democratic Party of Korea, announced that he will prepare strong additional measures, including a 'plan to minimize the conversion to monthly rent.'

At the Supreme Council meeting held at the National Assembly on the morning of the 5th, Floor Leader Kim said, "A comprehensive real estate stabilization plan was prepared in the July National Assembly," and added, "If necessary, we will prepare strong additional measures at any time."

He emphasized, "We will prepare preemptive supplementary measures for the jeonse and monthly rent lease market," and "We will also consider ways to minimize landlords converting jeonse deposits into monthly rent." He continued, "There is a high demand for traffic measures in the surrounding areas related to the 10,000 housing units at Taereung Golf Course. We will review and reflect related policies and budgets in the regular National Assembly."

Floor Leader Kim stated, "Going forward, the burden on multi-homeowners will increase, and the era of one household owning one home will become widespread," emphasizing, "We will not repeat speculative supply, where 77% of the 230,000 housing units supplied in Seoul during the Park Geun-hye administration went to multi-homeowners."

He also said, "Fake news, distorted reports, and loophole-seeking to undermine the government's stabilization policies are rampant," and added, "We will mobilize all administrative power to strongly block market disruption activities. Starting today, we will hold a real estate market inspection meeting every week with the participation of the Deputy Prime Minister for Economy, the Minister of Land, Infrastructure and Transport, as well as the Commissioner of the National Tax Service and the Chairman of the Financial Supervisory Service to strictly respond to market disruption activities."

He continued, "We will clearly show the market that the will of the party and government policies is different this time," and added, "The party and government will continuously monitor the market situation through the Real Estate Market Inspection Task Force and take swift action when necessary."

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