Kim Tae-nyeon Steps in to Resolve 'Jeonwolse Controversy'... "Reviewing Measures to Minimize Jeonse to Wolse Transition"

Flexible Operation of 4% Conversion Rate
Formation of Housing Supply Policy Council
Supply After Completion of Taereung Transportation Infrastructure

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 Lim Chun-han] Kim Tae-nyeon, floor leader of the Democratic Party of Korea, sought to calm tensions after the real estate supply measures announced on the 4th sparked backlash in the affected areas from the first day, following the controversy over monthly rent deposits.

On the 5th, Floor Leader Kim stated, "We will consider measures to minimize landlords switching from jeonse (long-term deposit lease) to monthly rent," adding, "We will prepare proactive measures for the jeonse and monthly rent rental market." At the Supreme Council meeting held at the National Assembly that day, Kim said, "We will establish flexible operational plans, such as lowering the 4% conversion rate from jeonse to monthly rent, which was set during the high-interest period, to suit the current low-interest environment." This appears to be an intention to prepare follow-up measures so that actual tenants do not experience confusion on the ground amid the recent jeonse and monthly rent controversy.

Regarding the metropolitan housing supply measures announced by the government, Floor Leader Kim said, "The party will closely cooperate with local governments to ensure smooth progress of housing supply plans," and added, "We will form a Housing Supply Policy Council involving the party, central government, and local governments to thoroughly discuss supply issues." He emphasized, "The core of this Seoul urban housing supply is strengthening public interest," and stated, "The Democratic Party will not repeat speculative supply where 77% of the 230,000 houses supplied in Seoul during the Park Geun-hye administration went to multi-homeowners." This is also interpreted as an intention to engage in follow-up consultations after the Seoul Metropolitan Government issued a rebuttal statement immediately after the announcement of the real estate supply measures, and backlash arose from local assembly members and heads of organizations within the Democratic Party whose constituencies were included in the supply plan.

Regarding demands for transportation measures around the Taereung Golf Course area, Floor Leader Kim explained, "We will review and reflect related policies and budgets during the regular National Assembly session to ensure housing supply is implemented with complete transportation infrastructure." He also stated, "Fake news and distorted reports are rampant to undermine the government's real estate stabilization policies," and added, "We will mobilize all administrative power to strongly block market disruption activities." Floor Leader Kim said, "The party and government will continuously monitor the market situation through the real estate market inspection task force (TF) and take swift action if necessary," and concluded, "We will clearly show the market that our policy will be different this time."

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