Joo Ho-young: "The Three Lease Laws' Side Effects Materialize... Increased Monthly Rent Burden on Low-Income Households"

"Pushing the Common People and the Vulnerable into Even Harder Predicaments"

Joo Ho-young, floor leader of the United Future Party, is delivering a speech at the Emergency Measures Committee-Chungjin Lawmakers meeting held at the National Assembly on the 26th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lim Chun-han] Joo Ho-young, floor leader of the United Future Party, criticized the three lease laws on the 26th, saying, "The side effects of the three lease laws recklessly pushed through by the Democratic Party of Korea are becoming a reality," and added, "Although they claimed to protect tenants, it has been found that the monthly rent burden on low-income groups is increasing."

At an emergency countermeasure committee and senior lawmakers meeting held at the National Assembly that day, Floor Leader Joo said, "According to the Statistics Korea's Household Trends Survey for the second quarter of this year, the housing costs for the bottom 20% income group increased by 13.8% compared to a year ago," and added, "It is the first time in 11 years that the housing cost burden has increased the most in the bottom 20% income group compared to all other groups."

Floor Leader Joo pointed out, "This situation appeared even before the three lease laws were implemented. Around the time when the implementation was announced, such a situation already emerged," and said, "There is no other way to see this except that the Moon Jae-in administration's real estate policy failure and the rapid conversion from jeonse to monthly rent due to the three lease laws, along with the resulting monthly rent increase, have shifted the housing cost burden onto low-income groups."

Floor Leader Joo stated, "I cannot help but ask again whether the legislative purpose of the Moon Jae-in administration's lease laws was to push the common people and the vulnerable into even more difficult situations," and added, "On top of the sharp increase in the minimum wage, the COVID-19 crisis has overlapped, and vulnerable workers are being pushed out even from short-term jobs. I hope the Moon Jae-in administration immediately reconsiders and reorganizes its policy direction, which worsens people's livelihoods and makes vulnerable groups more vulnerable."

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